Those who favour the idea of nationalising Northern Rock will have had their case bolstered by yesterdays government announcement concerning the attempted privatisation of the London Underground via the creation of the “Metronet” company which has finally “ended” with the public facing a £2 billion Salvage bill.
Owners of Metronet (Balfour Beatty, Thames Water, EDF Energy, Bombardier and Atkins) only had to pay £70 million each when the company went bust as the Government set their liability levels.
This is exactly what carpet bagger Richard Branson has in mind for Northern Rock. Norman Bater, Liberal Democrat transport spokesman said;
“Just like Northern Rock, the private sector takes the profit when they can, and the public sector bails them out when matters go pear shaped”.
With Branson at the helm, pears will be the order of the day and the public will have to pick the pieces up at a later day.
Why bother waiting; take control now and give the business the stability it needs to recover.