Having been away for a week, it doesn’t look as if I’ve missed much. The Euro-zone is still on the brink, of what I’m not sure. The UK economy is still tanking, with Osborne still intent on blaming all sundry… except his own insane debt reduction plans. Worse still, Osborne last week decided to sell Northern Rock (or at least the half of it that is profitable) to Virgin Money. If the timing was somewhat amiss, then the price revealed the full extent of Osborne’s misjudgement.
Even if, as the Treasury suggests, there was a deadline for the sale of Northern Rock, then there was still over 2 years left until this deadline, 2 years to get a better deal than the £747 million (plus a possible £280 million). This is an issue worth returning too.