Northern Rock

NOW THAT the government has nationalised Northern Rock I need to ask whether we're still operating in a free market system?

This bank failed. Failed. Since when was it up to the government to resuscitate a failed company?

Why does the government continue to lie to us? Northern Rock didn't collapse because of the 'credit crunch' stemming from the US - speak to anyone in the know and they'll tell you that this firm had an unsustainable business model. In addition, how can you justify spending near £40bn to prevent additional problems spreading to the financial sector? Surely the £40bn in itself is a problem.

Without sounding too heartless I also find the argument with jobs rather radiculous. Businesses go of business. It's not the job of the state to keep people in work. Had this bank been in the south of England I'm sure we'd all agree that this affair would have had a different outcome. This is all about jobs and Labour marginals in northern England.

Expect a few payment holidays where the majorities are wafer thin.