Don’t worry if another Bank goes pear shaped, the Chancellor will take full responsibility.

In what can only be described as new year spin, the Chancellor’s so called crack team are proud to have resolved a solution to the vulnerability of the UK banking system;

The FT following an interview with the Chancellor reported today “The new measures – which echo those in place in the US – would allow the FSA to seize and protect depositors’ cash when a bank gets into serious difficulty, heading off the risk of a run on the bank”

The Chancellor goes on to say “a Cobra-style arrangement – based on the civil emergencies committee – had a great deal of attraction”. Under his preferred system, the Bank of England and FSA would give their views but ultimately he would make decisions.

Trumpo wrote a passionate Blog back in early November on the subject http://www.trumpo.com/blog/business/bcci-barings-northern-rock/

Maybe the Chancellor should take advice from the Trumpo Blog and get rid of the thousands of civil servants in Whitehall coming up with what can only be described as the bleeding obvious.

Nevermind!

You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.