The Government has risked between £25 billion and £50 billion of public money to rescue a private bank but is unwilling to take it into even temporary public control.
That would be the safest and quickest way to achieve maximum restitution of public funds rather than preferring a public hazard to protect the financial interests of those city gamblers and hedge funds that have at minimal cost snapped up a high proportion of Northern Rock shares.
At the same time they face down public sector workers' pay increases well below inflation, that is in effect a pay cut. It appears police, nurses, health workers, teachers, lecturers, dustmen, postmen and many who already receive below average pay are penalised to help make up some of our financial shortfall from Northern Rock. Surely a party that protects self-serving share dealers at the expense of socially useful workers, on whom we all depend for essential services, should change its name from New Labour to the Anti-Labour Party.
- Oscar Thompsett, Ridgeside Avenue, Patcham
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