THE UK GOVERNMENT has nationalised the Bradford & Bingley building society, using the same amount to soak up the billions of pounds of debt that it did when it nationalised Northern Rock.
Apparently our prime minister, Gordon Brown, didn’t go to Chequers over the weekend so he could stay closely in touch with developments. The word is that we, the British taxpayers, will have to eventually subsidise the whole fandango eventually.
The Bradford & Bingley is renowned, perhaps now notoriously, for its catch phrase in its adverts: “A secure home for you money, in the Bradford & Bingley”. Now the money is secure in the government’s hands. It will attempt to flog off lots of propeties in the high street and other stuff, as it bails out the demutualised building society.
Lots of people will lose their jobs. At this rate, any typical high street will soon have vacant lots which used to be occupied by formerly thriving “banks”. Perhaps Lakshmi Mittal or some other Indian billionaire will ride in like a white knight to prop up this fiasco. But we suspect not. America’s fate appears to be in the hands of Communist China. ♣