How does this work then Seumas?
As both Vince Cable, the Liberal Democrat Treasury spokesman, and John McFall, Labour\’s Treasury select committee chairman, argue, only government direction to maintain lending – either via majority state-owned banks such as RBS or through new publicly owned banks – is going to overcome the comprehensive failure of the private banking system in the time available. But ideological panic is blocking what is obviously and urgently necessary.
We\’re in for 6 months, a year, 18 months or so of very uncomfortable economic times. No, it ain\’t gonna be a decade, the recession will indeed end and within a couple of years at the worst.
So, does anyone at all have any confidence in the ability of the Government to get a new publicly owned bank up, running, staffed and lending in under two years?