In recent posts I might have been overly acerbic about the non-elected Lords and Ladies, who are leading the bailout of the British economy and its banks by
HM Government. On reflection I would have to say Lord Myners, Lord Turner and Baroness Vadera know what the problems are and are working hard to resolve them. However, I must admit that I have changed my mind about the UK Chancellor Alistair Darling. Originally, I thought he was just a stooge of Prime Minister Gordon Brown but he has worked hard on the rescue packages. Apparently, Darling has earned a grudging respect from the business sector.
www.searchaccountant.co.uk
I also thought for a long time that Bank of England governor Mervyn King should have been sacked. Crimes include being an Aston Villa fan and letting Gordon Brown cronies infiltrate the monetary policy committee. However, King has eschewed the normal delphic comments of central bankers and has said it as it is. He warned about possible bank nationalisation, which has virtually happened at the Royal Bank of Scotland (RBS). He also exercised the power, rarely exercised, of central bankers to talk down the currency. Probably, this was useful in terms of reviving the economy, since it will take time to produce effects.
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You were right about the bailout, it did save the uk banks from going under and accountants in durham but at a huge cost to the tax payer. We are now paying the price of the bailout with the loss of thousands of public sector jobs and an increasing unemployment rate.
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