Despite having absolutely nothing to do with the fiasco surrounding the crash of Northern Rock, it appears as if the staff are going to bear the brunt of cost saving measures. Today’s Times reveals that the Bank faces being “shrunk to half its present size”.
Are the measures being taken to ensure the Banks survival? Are they part of an overall rescue plan? No, the cutbacks are the result of the need to satisfy European Union competition rules. Alastair Darling, a man loosely described as the Chancellor, will inform the European Commission of the “radical slimming down” plans today, though he has yet to inform the Bank staff or indeed the House of Commons.
Branches will close and up to 3000 jobs will be lost. Not because they have done anything wrong, but because unelected officials in Brussels demand it.
Now there’s democracy for you!