Poor old Richard Branson, with The Telegraph, Times, Guardian and Independent all leading with the Northern Rock nationalisation, he must feel like the groom jilted at the alter. However, what could he reasonably expect – his offer was derisory, he made no commitments on job losses and frankly, he would have milked the business dry prior to carving it up for selling. The man is the equivalent of a “business butcher”.
So what are we left with then? Well, how about the concept of a great opportunity. With government support the Rock will be able to borrow money at far better rates that other banks, it will be able to offer better rates on savings and it will be able to set its own mortgage rates without recourse to what other lenders are doing. The less well off, newly weds and those looking to move from rented properties could now find themselves supported by a bank whose ethos isn’t purely profit driven. New business’s and young entrepreneurs could also find themselves borrowing money on sustainable interest rates, leading to increased employment and reinvestment; who knows, we may even see the birth of the “new” Richard Branson.
So it’s therefore not all doom and gloom. The whinges and whiners who constantly refer to the Bank as “Crock” or “Wreck” would now be better served moderating their derogatory attitude, and start supporting the existing management in restoring stability, success and dare we say it, pride, in the business.