Excellent speech from the Taxpayer’s Alliance….readers here will know the contents…
Now it’s Tim Congdon talking about Northern Rock.
Essentially the problem was that the usual head bashing and a banking takeover was not possible because of the European Markets Abuse Directive.
Yes, there’s still a lot of arguing about this…..but it’s the uncertainty that did the damage. When you’ve got two potentially conflicting legal systems this is inevitable. If we didn’t belong to the EU, there would not have been a Northern Rock fiasco.