Northern Rock Nationalised!
 

BBC NEWS | Business | Northern Rock to be nationalised

What does this mean for future banks? That they can take huge risks, making their board members richer, whilst still have the safety of falling back on nationalisation when their failed business model comes to a crash? or is it worth it, to save face for the rest of the financial sector in Britain that is still thriving?

Re: Northern Rock Nationalised!
 

its to try and slow down the recession thats going to hit this country big time..everything might look rosy at the moment but the banks and credit card companies are starting to tighten their belts .there is not a very big first time buyers market bacause they cant afford to buy.plus the letting companies who buy of their equities will be hit big time as well when the mortgage lenders draw back their money it will just take 10 tennants not to pay their rent and their companies will come crumbling down .save up now because there will be plenty of houses to buy in six years..

:130:chopped pork and ham:D:eek:yuk

Re: Northern Rock Nationalised!
 

if the financial sector in Britain is still thriving,we must be living on differant planets.:confused:

Re: Northern Rock Nationalised!
 

Just heard on BBC news that this move has cost every taxpayer £3,500
I can't afford it :rolleyes:- a recession is coming :(

Re: Northern Rock Nationalised!
 

Maybe they have finally realised privatisation was wrong in the first place :p

Re: Northern Rock Nationalised!
 

No margaret the rest of the british financial sector is thriving.(see post1):D

Re: Northern Rock Nationalised!
 

How come? -- they have just done it -- I think they should just have let it fold up -- people should be more careful about where they put their money instead of just chasing the highest rates of interest.
I have looked at where best to put my savings
At the moment an Icelandic bank gives the best interest but I haven't done it because, to me, that means 'offshore'= risky

Re: Northern Rock Nationalised!
 

why dont they nationalise british telecom ,british gas,and the electric companies the taxpayer would make a fortune and we would pay less tax.oh a forgot thats too logical thats helping the british tax payer:rolleyes:
thats hepling the country.thatcher and her cronies still have a lot to answer for:hidewall:

Re: Northern Rock Nationalised!
 

What? Privatisation has driven prices down because of huge competition. Look at the broadband market, its available to you and from many different companies and look how cheap you're getting it!

The only reason its 'helping the British tax payer' is because the Bank of England shouldn't have pumped £23billion into Northern Rock when they had no solid way of getting out of the mess other than nationalising it to claim back the money.

Re: Northern Rock Nationalised!
 

This country has been slipping back in to recession for at least 5 yrs. Each year when the quiet times come around at work they get quieter and quieter. Work still hasn't picked back up for us after Christmas. We've got two vans sitting idle at the moment most days. I used to be up accy twice a month now its once every three if i'm lucky. I think it was the right thing to do, the others don't really have the huge number of mortgages that northern rock do do they? It's my understanding that this was northern rocks main business. Virgin aren't popular at all at the minute there's anarchy over the railways, passengers are going on strike and boycotting everything virgin, northern rock doesn't need that sort of publicity.

Re: Northern Rock Nationalised!
 

They spend billions nationalising a bank and yet the basic nesessities of life like water,like gas like electricity are still in private hands with rocketing profits and ever increasing charges...a bank I can live without water I cant.....they make me sick!!!!!

Re: Northern Rock Nationalised!
 

No wonder I'm skint all the time:D

Re: Northern Rock Nationalised!
 

privatisation has driven british jobs abroad for a quick buck and maximised profit for a few.a nationalised utility system profits would be used to modernise the utilitys system not end up in somebodies back pocket and would provide jobs they could even use it to get some of the youth of the street and into apprenticeship to give them a focus in life instead of placing them on the scrapheap.we need a new vision in this country we have tried thatcherism and it has failed we are feeling the affect now the world isnt just about profit profit its about a standard of living...:theband:

Re: Northern Rock Nationalised!
 

The real danger of this nationalisation is that all the other banks will now claim that they cannot finance mortgages without equally unlimited acess to treasury/tax-payer cash.

What happens when they say to home-buyers "sorry, we can't lend you any cash for your new home coz the government won't open its coffers to us."

Brown, Darling and the Economy have been teetering on the brink for the past year, now it's downhill all the way into financial meltdown. You thought the seventies and eighties were bad, we are all going to see the inevitable result of Labour financial policies, fasten your seat belts it's going to be a bumpy ride.

But what will make this even more galling than last time is that you were all warned what would happen but you blindly and blithely went ahead and voted the lunatics into control of the asylum. It make take a while but chickens do eventually all come home to roost.

Re: Northern Rock Nationalised!
 

i will say again "What Recession"? the rest of the british financial sector is thriving.:rolleyes::rofl38::rofl38:

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Sorry lecturers who study economics as their main research area are wrong, you're right, I take back what I said. The British financial sector has been a disaster, we're all doomed.

Re: Northern Rock Nationalised!
 

no need to apologise:D can understand why yer taking that view, yer entitled to buy what they are saying, i for one certainly do not.:)

Re: Northern Rock Nationalised!
 

a gloom settled over the UK banking sector, or will the results season disperse the clouds hanging over Canary Wharf?

The banking sector will be reporting profits in the coming days, starting with Barclays on Tuesday and followed later in the week by Alliance and Leicester and Lloyds TSB.

Hefty writedowns are expected, with the High Street giants revealing their provisions to cover losses from the collapse in credit markets and bad debts as borrowers default on loans.

This will be the first set of audited results since the credit squeeze that tripped up Northern Rock took hold last summer.

The mood is nervous at best, but according to some analysts, it is at its lowest ebb for more than a decade.

The most rosy outlook is that with all the bad news out in the open, the results should help lift the gloom and banks should soon be back to business as usual.

this is from BBC news24, its all a matter of who you listen to.

Re: Northern Rock Nationalised!
 

BBC NEWS | Business | Barclays profits slip to £7.08bn

Does this sound like good news??????

Re: Northern Rock Nationalised!
 

I'm sure somebody said the UK had a good financial sector earlier in the thread. We're a world leader, its about the only thing we can truly say we're a world leader in.

Re: Northern Rock Nationalised!
 

Barclays profits have slipped to £7.08bn, good grief how are they going to survive, the poor lambs:eek:;)

Re: Northern Rock Nationalised!
 

Cashy, what happened during the last recession?

People were thrown out of work to survive on a pittance, then that ladies gov' started rumour after rumour that the unemployed, sick and maimed are to blame for this, (lazy bloody scroungers! Why can't they get off their arses and work?).

We now have another tory government called, 'New Labour', they can see which way things are going, so they start the lazy little sh!ts, idea going again, "Oooh look 2,000,000 collecting sickness benefit! they can't protect themselves lets use them as an example of whats going wrong!

2 years, 5 years, even 10 years ago I think you'll find there where that many people on sickness benefits, (maybe not the same one's), but lets blame them, it might just give us a little breathing space before the fan hits the sh!t.

It is coming, they know it's coming, most of us know it's coming, what can we do about it?
Nothing! We are stitched up better than the kipper that is supposed to be proverbial!

Just think, what you could be doing if instead of buying this white elephant of a bank you and every member of your family had been given £3,500 to use, would you have invested it in this bank? *,**

*Answers on a postcard to accyweb Northern Rock Competition, no living relatives of anyone that has paid tax in the past is allowed to enter.

** please note if your local post office is due for closure you may be charged extra for the bus fare to the nearest post box.

Re: Northern Rock Nationalised!
 

'Many Labour MPs with seats in the North-east welcomed the move to nationalise the bank. Their support means the Bill is certain to get through with Liberal Democrat backing.'

Northern exposure: Cameron calls for Darling to be axed after bank bail-out - UK Politics, UK - Independent.co.uk

This government is rapidly becoming as morally corrupt as that of the Major one in the mid nineties.

An absolute disgrace, from start to finish.

Re: Northern Rock Nationalised!
 

And that is a bad thing?:confused:

Re: Northern Rock Nationalised!
 

No, of course it isn't. I must admit though, I've missed our little white van man.:rolleyes:

Mind you given the choice, I could carry on missing him with no real problem!
:D

Re: Northern Rock Nationalised!
 

may not be for you and my ex but is for me, they keep sending me london.
Two short trips this week so far, and last week just a newcastle and Carmarthen. It's not looking good cyfr.

Re: Northern Rock Nationalised!
 

Let's hope Cashy is right and all is well with the economy, everyone will be busy and you won't have to waste time on here instead of working.

Re: Northern Rock Nationalised!
 

Tell us when and where you are going next time, I know some people down their and could arrange for you to not make it back.







I am having a whip round to pay my 'southern friends' ;), anyone want to chip in?

Re: Northern Rock Nationalised!
 

I can only tell the story as I see it. In my line of business two of our competitors have gone to the wall so far this year, another one went just before Christmas. And while our business is up on last year that is more to do with a fall in the number of suppliers rather than an increase in the available business; which is expected to fall again this year.

Record numbers of hotels, guest houses and restaurants are also on the market this year as people want to bail out before the property crash takes hold.

Re: Northern Rock Nationalised!
 

but Less ya mean everyone knows its coming, bar the lecturers who study economics n anyone that heeds em.:D:rolleyes:

Re: Northern Rock Nationalised!
 

Right, first off you can't judge the economy based on stories from your own industries. Though businesses in your various careers might be failing it's generally a bad guide of a country-wide trend. Just to try and illustrate that the economy certainly isn't in recession I've got the FTSE 100 here, which is based on how well the top 100 UK businesses are doing in the stock market.

http://www.accringtonweb.com/forum/a...1&d=1203461501

This is how the FTSE 100 has performed for the past 5 years. Admittedly it is beginning to level out, but beyond that for the past 5 years there has been almost unparalleled growth. Furthermore, even during periods of growth there have been dips like we've been seeing recently. To have a recession you, by definition, need to have a consistent stock market drop for two quarters (six months).

http://www.accringtonweb.com/forum/a...1&d=1203461506

This is the FTSE 100 for the past 3 months. The massive drop is when the tail end of the Northern Rock crisis occurred, you can see the first drop earlier in the 5-year graph. I think we can all agree that this does not display a consistent and determined downward drop - and this is just half of what is needed to define a recession.

If someone can correct me on this then please do, because I cannot see how anyone is prophesising a nationwide economic disaster.

Re: Northern Rock Nationalised!
 

Re: Northern Rock Nationalised!
 

cyfr you have it well over me with graphs etc, n as for figures,ya can prove owt wi them, i sincerly hope you are correct n i am wrong, but if me arm were twisted to put money on it, you know were me bet would stand.;)

Re: Northern Rock Nationalised!
 

Is this an inkling you have or do you have any evidence in mind (other than US Sub-prime mortgages of course)?

Re: Northern Rock Nationalised!
 

well the us dont look too rosy,but all i do is read various things in the media,talk to buisness people i know,and form me own opinion, nothin fancy just common sense, aint always right, but neither are the financiers. so ya could class it as an inkling i suppose.:)

Re: Northern Rock Nationalised!
 

Fair enough, you're completely entitled to your own opinion, along with everyone else. :)

Re: Northern Rock Nationalised!
 

Yep nice graphics Cyfr... 11yrs of a bad Labour Goverment and still no deep recession, unlike the years of appauling miss-management of the economy under the Tories that caused two major recessions..unbeliveable inflation/home repossesions/unemployment on a rate unknown since the 30's/higher crime rates/selling national assest for pennies/riots/..all good stuff eh?.. ah the good old days!
The Consevatives attitude to the nationization of Northern Rock only shows them up for what they are really about...I don't suppose any of the Tory fat cat landowners or bonus rich company directors have held their savings in such a "working class" bank ... if it had been Lloyds of London you can be sure the Tories would have bailed them out, are you saying that ordinary peoples savings should be wiped out?
Typical Tory!

Re: Northern Rock Nationalised!
 

Just to add, its strange how silent David Cameron has been on this ..the old guard, old women, blue rinse, Norman Tebbit, jam selling, farmers wives brigade, are waiting in the wings.. eager for power.. the god given right of every Tory over the last 200 years

Re: Northern Rock Nationalised!
 

So you think Labour would have had it so easy if the Tories hadn't have had the balls to sort our economy out in the 80's/90's? We're living off the same back of what Thatcher and Major built.

Re: Northern Rock Nationalised!
 

Dammed if we do dammed if we don't

I recall last time Barclays profits were announced and we( I work for them ) were roundly slated for making such obscene amounts of money. Now we don't and suddenly it's repossesion city!

IMHO we aren't heading for recession but I do think that house prices are looking a bit too high. now as they fall we all start shouting negative equity but that only affects those who have to sell/move or those who borrowed beyond their means in teh first place.

Re: Northern Rock Nationalised!
 

Just thought I'd drag this up again. It seems the Bank of England have paid of the half billion pounds Norther Rock are in the red, not only that but the Government have also injected another £3 billion into this nationalisd bank to keep it afloat, well I'm sinking fast will you please bail me out Alistaire, Darling,;) and I'm sure there are quite a few on here who would't mind a leg up too:eek:

Re: Northern Rock Nationalised!
 

That .... and suet.

I don't think that Canada is going to join in this latest recession .... we are too busy getting ready for hockey,:alright: and altho' we are losing a few jobs as GM cuts back on producing the gas guzzlers made at plants in Oshawa, most of our ecoonomy, particularly the resource sectors, remains strong.

Re: Northern Rock Nationalised!
 

It's obvious that you did not invest money/savings in Northern Rock bank...but you seem desperate to wreck the lives of people who do have thier money involved... is this a new Tory strategy?.. no.. i'ts the same old "the strong will survive" tactics..shame on you and your like!

Re: Northern Rock Nationalised!
 

They were when Brown got his sticky fingers on pensions.
Rant and rave all you like Gumshoe, but get real.

Re: Northern Rock Nationalised!
 

The private sector offered to bail Northern Rock out. Instead Browns indecisiveness left no option open but to nationalise to save customers from losing their money as the bank would have collapsed. The huge burden of debt is now on the British taxpayer, who are already struggling. Its being managed by the state, no doubt with Gordon's famous tinkering, and losing more and more taxpayers money every day.

Its a shame we can't all just keep borrowing and spending, us mere mortals can't just borrow our way out of debt like the government thinks it can.

Re: Northern Rock Nationalised!
 

Rant and rave? ... seems to me that any posts that are negative to the New Tory cause are regarded as "ranting"..and as for you my son..don't give it the big un.. you live in Spain you daft h'pence!

Re: Northern Rock Nationalised!
 

And so what is your alternative Andrew?..cuts and cuts?... cuts to the health service..cuts on public spending .. which involves cuts on staff and more on the dole? ..i'ts the same old kak!

Re: Northern Rock Nationalised!
 

Yes I do live in Spain but I still have interest's in the UK and that thieving shower are still having a go at me.
My family live in the UK and I fear for them under the present regime.
As for being your son ( A term which you seem to use as an insult)
Anyone who calls you Dad must be very proud :eek::eek:

Re: Northern Rock Nationalised!
 

eh royboy .."my son" is a term I keep aside specially for you my son... if you continue posting kak.. you can rest assured it will always be held for you...my son!..oh just an edit... or would you rather me call you toryboy?

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Call me what you want Gumshoe....but it won't alter my opinion of you. ;)

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Take no notice Roy if you ignore him he'll just crawl back into bottm of the Whiskey Bottle and back to sleep

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Savings are protected(up to £35K so 'ordinary' people are unliekly to have more than that in one instituition) so you never had any worries there, those who chose to invest did so knowing full well "The value of shares can go down as well as up", it was as much a gamble as putting it on a nags head. particularly interesting was the clamour when it was in trouble, I will admit I considered investing when they dropped like a stone as I thought as many did that they would weather the storm, luckily for me I was too lazy to do anything about it! :D

If anything the weak are getting unfair protection over this, why should my taxes be propping up what was a private company? why should NR get better support than the other companies who go bust each year through poor business decisions which is what it came down to.

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Seems like you have bought into the myth that the private sector runs business more effectively than government ... this is so obviously not true that I'm surprised people will still swallow this bs. Take for example private medical care in the US .... it is far more inefficient than any govt. health care system .... the coporate welfare bums are for ever sucking on the govt tit. I think it is really sad that govts are bailing out the banks for making bad business decisions. The banking crisis, based on sub-prime ninja loans, is threatening the US and the UK economies .... and neo-con solutions wont work .... because they are the cause of the problem.

Thankfully, we are not facing that problem in Canada. Canadian lending institutions will not give mortgages unless the borrower puts out at least 5% of the value of the property as a deposit.

Business does not give a flying you-know-what about the public .... they are interested in nothing but profit, at any expense. There is no such thing as free enterprise; major corporations are not interested in competition, or giving the consumer the best deal, or making the national economy strong ... these are the enteties that out source jobs from your country to areas where wages are low, and workers are unprotected by legislation guaranteeing worker saftey etc is not in place.