Northern Rock

The sorry saga of Norther Rock, a once proud bank destroyed by its board, continues.

The Northern Rock crisis is threatening to cost every taxpayer up to £3,600, as it emerged Gordon Brown was warned a year ago (he's not exaclty fast to react is he?) that "urgent action" was needed to prevent a banking meltdown.

Ministers yesterday announced that public guarantees to the beleaguered bank could rise to £100BN, with a full-scale nationalisation now thought to be imminent.

The trouble is, Gordon Brown is now frozen with fear; he is incapable of "urgent action".

Someone needs to "step up to the plate" and take action.

Once again my congratulations to the previous board of Northern Rock, who not only destroyed the bank but also the financial reputation of the UK.

They must be very proud of themselves!