Wednesday 20 February 2008

Northern Rock Laws: Why the Government went OTT



Many have pointed out that the Government seems to have taken really quite excessive powers in its Bill to nationalise Northern Rock.


It has said that the emergency powers could be applied to any financial institution in the next 12 months. This gives it the potential leeway to nationalise other banks too.



Rather than this be the start of a real roll-back to mass state ownership, it reflects another core failing of the Government.


They know that the tripartite system of regulation by The Treasury, Bank of England and FSA was a failure in both allowing Northern Rock to run on a crazed business model and the cack-handed backing of it in September which has led to the current situation. (Remember the Finance Director Bob Bennett resigned citing the mains problems in January 2007, not that the FSA noticed.)


However, the Government does not know what to do about this. This design was Gordon Brown's own in 1997. There is disagreement and inertia in Westminster about where to go next.

As a result it is clear that if another Northern Rock emerged out of the blue, then the problems would be the same. As such the Government would be forced into another nationalisation.


This is the reason for the draconian powers now in the hands of our Government.

8 comments:

Old BE said...

I think a second bank failure would be incredibly embarrassing for the government wouldn't it! Who is prime candidate?

James Higham said...

the emergency powers could be applied to any financial institution in the next 12 months

Indeed - the catalyst. Seat belts on.

Sackerson said...

I think this business also reflects the government's strong dislike of having to account for itself to Parliament.

Bill Quango MP said...

They are asking for your help over on guido CU
see AnyoneButBrown said..12.07pm

Its in the granite section

hatfield girl said...

There is provision for the alteration of primary legislation without reference to Parliament, Sackerson, in this bill. The Huntsman picks the detail apart.

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