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Failing firms should be left to go under

Lloyds TSB’s takeover of HBOS is old news now but I’d like to say I’m in the non-interference camp. I think that if something is beyond repair we should let new businesses arise from the ashes.

I am familiar with the argument that we need market stability but what happens when there’s just one big conglomerate left and it falls?

The public must be looking at the financial services industry and wondering why it is always treated as a special case.

For example, I recently read that Northern Rock has appointed an auditor to oversee the compensation to be paid to its shareholders. How do compensation and shareholding go together? You take a risk and live well when the going is good, but die by the sword when things go the other way.

After all, if you bet on a horse you don’t ask for your money back when it loses.

Ian McIver

Managing director

The Whitechurch Network

By email

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