| |
Behind closed doors, the real story of this finance crisisIS Gordon Brown prepared to take the second step after the nationalisation of the banks?
The first, packaged and sold to the public in a fit of highly charged political adrenaline, may give comfort to the traditional wing of Labour, but as the recession takes shape the question arises: What next?
A visit by our reporter to the local county court this week puts a human dimension – and a sad picture it is – on the statistics trotted out by the government about the size of their bailout (see page 6).
The fact is that more and more tenants and house owners are beginning to face what to them is the abyss – the loss of their homes.
The government has talked about the need for banks to curb bonuses, but beyond that very little is being done.
It urges banks and building societies to – essentially – go easy with families that fall behind with payments.
It advises. It encourages.
But the banks have to be told what to do. This is not to say the government should get involved in the micro-management of such institutions.
But tight procedures should be set in motion to protect home owners facing difficulties with their mortgage payments.
Equally, judging from the statistics emerging from the local county court, rental tenants also require greater protection.
If necessary, changes in the law should be introduced.
Economists and commentators, including this newspaper, have long recommended that the government should apply Keynesian solutions to the developing crisis – that the government should spend its way out of the recession. The Chancellor – however late – now appears to be a convert to this approach.
But first thing’s first – Mr Darling should play hardball and exercise control over the banks.
THE chief executive of University College London Hospital, Sir Robert Naylor, demonstrates great public spirit by pleading that the polyclinic, apparently destined for UCLH, should not be handed over to a private company but kept within the control of the hospital.
In his interview with the New Journal he even went further. He seemed to be urging the public to take up the cudgels in the defence of the NHS. A recently formed body, Keep the NHS Public – set up with the support of many hospital doctors – is campaigning to this very end. Perhaps Sir Robert should throw his weight behind it? |
 |
|
| |
