Sunday, February 17, 2008

Hitting the Rocks - the inevitable decision to nationalise

After months of indecision, fed by their fear about their own past, the government has bowed to the inevitable and has announced that Northern Rock will, after all, be taken into public ownership.

The dithering over this has been incredible. The struggle by Brown and Darling to find an alternative to public ownership was doomed from the start. The writing on Northern Rock was all over the wall in the autumn. The Chancellor and Prime Minister could read it but still they chose to ignore it. This is a government that is suffering from creeping paralysis.

But what about all those backwoods (deadwood?) Labour MPs from the North East who put on a veritable display of histrionics in November and December in which they laid into the whole idea of nationalising the Rock?

Watch them eat humble pie over the next few days. No doubt they will need lashings of Brown sauce to hide its bitter taste.

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