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Brown confirms plans to remutualise Northern Rock

Prime Minister Gordon Brown revealed plans in the Labour Manifesto today to remutulise Northern Rock.

He says: “As one option for the disposal of Northern Rock, we will encourage a mutual solution, while ensuring that the sale generates maximum value for money for the taxpayer.”

Brown says it nationalised Northern Rock in 2007 to protect people’s savings, cut VAT and stimulate the economy.

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Credit Adjudicator plan will not work

Following the introduction of a Credit Adjudicator in the Budget the executive task force has now been unveiled, led by Alan Sugar. The adjudicator will fast-track complaints by smaller enterprises that feel they have been unfairly turned down for credit by banks and examine lending decisions. It will have legal powers to enforce judgements if […]

FSA evolves from the unreasonable to the ridiculous

John Maynard Keynes, arguably the leading visionary of modern economics, advocated an interventionist policy whereby governments would use fiscal and monetary measures to mitigate the adverse effects of recessions, among other things. Interestingly, I have read somewhere that economic interventionism is also advocated by fascist, nationalist and extreme right-wing parties, with their thinking being that […]

Mortgage Figures Show Improvement

The latest figures from the Council of Mortgage Lenders, showing a modest improvement in the number of loans month-on-month is a welcome sight.

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