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Friday, November 02, 2007

Congratulations Northern Rock

My congratulations to the board of Northern Rock, or rather those members of the board who were responsible for the fiasco that has caused them to destabilise the UK financial markets and borrow emergency funds from the Bank of England.

Figures released by the BoE show that Northern Rock are now indebted to the BoE to the tune of £23BN. That is nearly £730 for every UK taxpayer.

It doesn't stop there, there is also another £20BN of retail deposits that has been indemnified by the Treasury. This brings Northern Rock's indebtedness to us (the taxpayer) to a whopping £40BN, roughly 3% of GDP.

By the way, it doesn't stop there, the BoE predict that by the end of the year Northern Rock will have borrowed £30BN.

Well done lads!

I hope that you are proud of yourselves?

Northern Rock's chairman, Matt Ridley, has resigned; when are the rest of you going?

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