What now Darling?

Feb 22 2008 by Andrew Baldwin, Huddersfield Daily Examiner

AS the nationalisation of Northern Rock is expected to be formalised today, questions continue to be asked about chancellor Alistair Darling.

More than a decade of exemplary British financial regulation was coming to an end with the nationalisation of the ailing Northern Rock bank.

While Mr Darling cannot be blamed for a global financial downturn, he can be called to account for a British high street banking catastrophe which has been waiting for a positive solution since mid-September.

During the intervening months there has been unacceptable dallying: a lack of competence which has led to further lack of confidence, as the bid to find a private buyer came and went amid anticipation of big bucks being made by a few.

Now Northern Rock’s future becomes a potential liability for every British taxpayer.

The nationalisation is said to be for a “temporary period”. Given the risks, that is a wholly unsatisfactory situation.