A tiny charity based in a modest Newcastle semi, which is supposed to be the beneficiary of a £45 billion offshore fund set up by Northern Rock, has not received a penny from the bank, and may never do so.
Around half the assets of the state-owned bank are owned by Granite, a Jersey-based organisation which gets tax breaks because it is set up as a charitable trust.
It names Down\’s Syndrome North East (DSNE) as its beneficiary. However, until recently, the small charity was unaware of Granite\’s existence and, while the off-shore trust made billions through its links to Northern Rock, DSNE, which is run by parent volunteers from their homes, raised just £76,000 in 2006.
Yes, OK, so if when Granite is wound up there is a profit in there, ten the DSNE will get it. If there\’s a loss they won\’t get hit with it. In the interim, while we wait to find out,. it makes no damn difference to them. So?
You know, I have a feeling that this whole thing is based upon the sayings of this man. The last couple of days of very dodgy reporting across all of the papers about Granite, what it means, the risks to taxpayers (none) and so on.
Something of a pity that the whole country is dancing to the tune of a man who appears to have his head firmly inserted fundamentally.