Feeling Mutual

The problem with the Co-op Bank was precisely that it never was a proper mutual.

It was just a bank that happened to be owned by the Co-op Group. Banks may not, legally, be co-operatives.

Then it demutualised the Britannia. We all know what happened next.

Still, not a penny of public money has been needed in order to rescue it.

Onwards to the solution, then: full mutualisation.

The Co-op Group might stop donating money to the Labour Party, just because it no longer had any to spare. But as soon as it did again, then those donations would resume.

Notice, though, that the New York venture capitalists who now own the Co-op Bank have not called in the Labour Party's unlimited overdraft, an act which would bankrupt that party on the spot.

Nor will they.

Even they feel the need to keep in with the party that is certainly going to form the British Government for 15, 20 or more years from May 2015 onwards.

If you still doubt that for one second, then consider that even the New York venture capitalists who now own the Co-op Bank have not called in the Labour Party's unlimited overdraft, an act which would bankrupt that party on the spot.

Nor will they.