Comments on: Where did the ??23 billion for Nothern Rock come from? http://johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/ Incisive and topical campaigns and commentary on today's issues and tomorrow's problems Wed, 23 May 2012 07:00:30 +0000 hourly 1 By: Tony Makara http://johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-355 Tony Makara Fri, 16 Nov 2007 21:45:22 +0000 http://www.johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-355 This is interesting from the FT 14/11/07: "Britain is used to being on the side of Europe's free-market angels over state aid. Having privatised most of its state sector, the UK rarely has to skirmish with the European Commission over subsidies. But the fact that billions of pounds of Bank of England loans to Northern Rock could endure until at least 2010 will catch the eye of the Brussels authorities. So it should. The UK cannot frown at French subsidies or grumble about German loan guarantees and then count on a benign nod when it lends This is interesting from the FT 14/11/07:

"Britain is used to being on the side of Europe's free-market angels over state aid. Having privatised most of its state sector, the UK rarely has to skirmish with the European Commission over subsidies. But the fact that billions of pounds of Bank of England loans to Northern Rock could endure until at least 2010 will catch the eye of the Brussels authorities. So it should. The UK cannot frown at French subsidies or grumble about German loan guarantees and then count on a benign nod when it lends

]]> By: Troubling questions over Northern Rock « Lightwater http://johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-354 Troubling questions over Northern Rock « Lightwater Fri, 16 Nov 2007 00:47:45 +0000 http://www.johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-354 [...] John Redwood - who asked a splendid question in the house ‘from which government account did the [...] John Redwood – who asked a splendid question in the house ‘from which government account did the

]]> By: Bazman http://johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-353 Bazman Thu, 15 Nov 2007 21:28:33 +0000 http://www.johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-353 I have read about this and still can't really understand how they could have not gone bust. If these financial companies talk about free markets and being allowed to do what they like. Then they should be free to go bankrupt. Who is responsible? Was Nothern Rock a nationalised company? Knighthoods and triples all round. Reply: The government took the view that their lending was good and that conditions (which they had allowed to exist) in the money markets were most unusual, so they thought it best to lend the Rock the money that temporarily they were unable to borrow from the market. I have read about this and still can't really understand how they could have not gone bust. If these financial companies talk about free markets and being allowed to do what they like. Then they should be free to go bankrupt.
Who is responsible? Was Nothern Rock a nationalised company?
Knighthoods and triples all round.

Reply: The government took the view that their lending was good and that conditions (which they had allowed to exist) in the money markets were most unusual, so they thought it best to lend the Rock the money that temporarily they were unable to borrow from the market.

]]> By: Tony Makara http://johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-351 Tony Makara Thu, 15 Nov 2007 12:50:56 +0000 http://www.johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-351 A big thank you for being so dogged over this issue John. Labour cannot be allowed to get away with this. We were promised open government by Blair in 1997, we were promised open government by Brown after his coronation. Yet all we get is fudge and slight-of-hand. Labour believe they can get away with this because the issue is far too complicated rouse interest of most people, however they must be held to account. Keep turning the screw John! A big thank you for being so dogged over this issue John. Labour cannot be allowed to get away with this. We were promised open government by Blair in 1997, we were promised open government by Brown after his coronation. Yet all we get is fudge and slight-of-hand. Labour believe they can get away with this because the issue is far too complicated rouse interest of most people, however they must be held to account. Keep turning the screw John!

]]> By: Stuart Fairney http://johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-352 Stuart Fairney Thu, 15 Nov 2007 12:10:37 +0000 http://www.johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-352 Alistair is a man out of his depth in this job, and the whole response to the crisis seems to have been one which first failed to notice a problem, then underestimated it, it then moved on to blaming others whilst still not forming a credible policy, only to make panic short-term moves, and finally finds itself left with a wholly unplanned liability of enormous proportions. May I ask a question, is this amount in excess of the foreign exchange Major blew away that fateful Wednesday in the futile attempt top keep Sterling in the ERM? If so, perhaps this is Darling's equivalent of "Black Wednesday" Alistair is a man out of his depth in this job, and the whole response to the crisis seems to have been one which first failed to notice a problem, then underestimated it, it then moved on to blaming others whilst still not forming a credible policy, only to make panic short-term moves, and finally finds itself left with a wholly unplanned liability of enormous proportions.

May I ask a question, is this amount in excess of the foreign exchange Major blew away that fateful Wednesday in the futile attempt top keep Sterling in the ERM? If so, perhaps this is Darling’s equivalent of “Black Wednesday”

]]> By: Brian Tomkinson http://johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-350 Brian Tomkinson Thu, 15 Nov 2007 09:51:59 +0000 http://www.johnredwoodsdiary.com/2007/11/15/where-did-the-23-billion-for-nothern-rock-come-from/#comment-350 Commissar Brown's declaration that his government would be frank and open without "spin" has been shown to be no more than empty rhetoric otherwise known as "spin"! He and his government treats the elected members of the House of Commons with contempt. No effort is made to answer any questions and the lead is given by Commissar Brown. As well as continuing to ask these questions in your valiant way, I feel that you will also need to find other ways of finding out the answers to such important issues as this and many more which this rotten government is trying to conceal. Commissar Brown’s declaration that his government would be frank and open without “spin” has been shown to be no more than empty rhetoric otherwise known as “spin”! He and his government treats the elected members of the House of Commons with contempt. No effort is made to answer any questions and the lead is given by Commissar Brown. As well as continuing to ask these questions in your valiant way, I feel that you will also need to find other ways of finding out the answers to such important issues as this and many more which this rotten government is trying to conceal.

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