I have just taken part in a surreal discussion with Philip Blond on Radio 2.
He argued for the mutualisation of public services.
He never once said where the capital was coming from.
Then, in the very next post:
Cameron’s apologist, Philip Blond, says that the whole Big Society agenda is about the fact that the state and the private sector have failed and mutualisation is the answer. And that apparently is what Cameron is to say this afternoon.
OK then. Start with Northern Rock. And follow with RBS.
Then we’ll believe you.
So, err, where\’s the capital going to come from Ritchie?
Just giving RBS to the depositors would be a gift of £38* billion from the taxpayer to those depositors. So clearly, those depositors need to compensate the taxpayers for that £38 billion.
Where\’s the capital going to come from?
And whatever solution you offer for RBS, why wouldn\’t it work for public services?
*This is current market cap so not correct, but right about the scale of the gift.