Tuesday, February 19, 2008
If some are calling for Darling’s resignation over NRK, can we have Gordon’s resignation for 10 years of economic mismanagement?
Hamish McRae: The nationalisation of Northern Rock is no big deal (unlike the state of public finances)
"The economics of Northern Rock look better than the politics. The "n" word may still be toxic politically, but nationalisation is not only the least bad outcome to this sorry tale. It is just possible, with one huge caveat, that the taxpayer might end up making a profit on the deal. The real charge against the Government is not the mishandling of Northern Rock, though it has not covered itself with glory. It is the much bigger issue of its mishandling of public finances more generally."