Tuesday, 13 May 2008
Over at the FT's Alphaville blog there is an interesting story about how the number of borrowers falling behind with their mortgages has jumped sharply at Northern Rock since the bank was nationalised. But of course that was to be expected. After all, Gordon Brown is in such a deep hole already the last thing he is going to do is start evicting people from their homes, particularly when they are mainly Labour voters in the North-East? So why not take a break on the re-payments? This is set to get a lot messier yet. And it shows again how if Brown wasn't such a ditherer he would have sold it to Lloyds TSB or one of the other High Street banks on day one.