The Northern Rock campaign to get justice for former shareholders is still active. This is what I posted on their Facebook page:
Northern Rock Nationalisation
This was a disgraceful action by the then Labour Government. The nationalisation was both unnecessary and at a zero valuation so shareholders got nothing. That was contrary to the accepted principles for nationalisation of companies and the enabling Act was written specifically to ensure a nil valuation. Yvette Cooper was the prime mover behind this and is still on the Labour front bench. She and other Labour Party members seemed to want to ensure that the hedge funds that had invested in Northern Rock would get screwed. In addition they wanted to make a profit by acquiring Northern Rock for nothing and later selling it for a profit, which is what subsequently happened.
The nationalisation ensured that international investors would not trust the UK Government which meant they were reluctant to support UK banks and increased their borrowing costs. Altogether a disastrous political and economic decision based only on political dogma.
<END>
Go to the campaigns web site here: https://www.nrsag.co.uk/ or their Facebook page here : https://www.facebook.com/nrsag for their latest news.
Roger Lawson (Twitter: https://twitter.com/RogerWLawson )
You can “follow” this blog by entering your email address in the box below. You will then receive an email alerting you to new posts as they are added.
And this will probably form the basis for a large programme of Nationalisation if Labour gets in power.
Starting with Utilities, Rail and other denationalised companies.
And then moving on to convert National Savings Index Linked Saving certificates into Great British Energy Bonds paying low rates of interest.
And that’s just for starters.
Rail has already been partly renationalised by the Conservatives, ignoring the fact that rail always loses money.