Tuesday 27 September 2011

Save Our Shares

Why does Ed Miliband want the public bank shares to be flogged off at all? All of the banks should be turned into mutual building societies, ironclad as such by statute. Northern Rock would be an ideal place to start. After all, no corporation is going to want to buy it.

Apart, that is, from the public stakes in HBOS and RBS. Those are permanent, non-negotiable safeguards of the Union, as public ownership always is. Therefore, the profits from each of those stakes should be divided equally among all the households in the United Kingdom.

For that, we need a Government which is not so incompetent that it can preside over their degeneration back into loss-making status. Indeed, if this provision had already been in place, then perhaps not even George Osborne would have dared to be quite so stupid and inept as that.

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