The government's plan to Introduce liquidity into the banking system by taking on chunks of shares amounts to little more than nationalisation by stealth.
Having failed to act in suffcient time, and having implemented a system which prevented the allegedly independent bodies from acting in time, the government are now trying to brush their incompetence under the carpet by engaging in a financial services clause 4 despite the overwhelming lessons of history regarding nationalised industries.
Action is undoubtedly needed, but the idea that the taxpayer becoming a major shareholder in some if not all of our remaining banks is surely not what is called for.
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