Rocking the Rocks

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How The Times cartoonist saw it

Northern Rock is a problem that never seems to go away, however much the Blair Brown regime might wish it.

So far it looks like GB£24 billion ( nearly US$50 billion ) has been committed to keep the deeply troubled bank from Administration (Chapter 11). Some experts think this is just a small initial bill and the final total will be much greater.

At more than twice the budget for primary education, the cost is already obscene. One has to ask why the taxpayer should be bailing out a disastrous management that has personally profited from the results of their errors. The next question is why the taxpayer should present a new management with a solid gold hello. Logic says that either Northern Rock should have been allowed to go into Administration, or the Government should have nationalized it to safeguard the taxpayer funding that has thus far kept it out of Administration.

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