Without any reservation I say that I cannot, nor ever have, commended Margaret Thatcher, nor her policies or the Conservatism she brought to the UK.
We now see a world in complete crisis because of the policies that she began and so many in the UK followed – even this government espousing itself to be a left-wing Labour government.
Yet – if her ‘free market economics’, which sucked the lifeblood away from manufacturing into the service economy that was/is/will be London, worked so well – why are the British tax payer now in control of banks like Lloyds?
LONDON, England (CNN) — The British government confirmed Saturday that it will take majority control of another bank to help shore up the nation’s hard-hit economy.
It will take a majority share in Lloyds Banking Group, making it the third bank after Northern Rock and Royal Bank of Scotland that the government will effectively control.
The deal with the Treasury will see Lloyds commit to lend at least £28 billion ($40 billion) over the next two years, Treasury chief secretary Stephen Timms said.
In return the government will insure £260 billion pounds ($366 billion) of the group’s most toxic assets. As a result, its holding in the bank could increase from 43 percent to 66 percent of voting shares.
The government could end up owning as much as 77 percent of the bank — though it would not have voting rights on all of its shares.
Its fee for limiting Lloyds’ losses from the bad assets is £15.6 billion ($22 billion). Under the scheme, the bank will take the first hit of up to £25 billion ($35 billion) on toxic assets before the taxpayer steps in.
Now is the time to rid both the UK and the world of these idiotic policies. And if it costs the banks a serious chunk of money – then so be it. Where have all those profits gone that they have been making over the last 30 years? Into Swiss bank accounts that is for sure, on dividends, again, for sure – but this last bastion of ignorant Thatcherite policies could become a place where people, both business and the public, can go and get the economy back on a footing where there are real jobs, real money and real investment in the UK.
If Brown is legitimate in bringing about a real “green” economy – the government holds a lot of these banks’ assets now and can force through agendas that mean those job are held within the UK instead of the stupid short-termism that Thatcher and her proponents feel is the only way forward. That includes David Cameron.
This is also a time when the British public, if informed correctly, can bring about a sea-change in the way they are governed – and bring about a change so enthused by myself and many others that the two parties who have run Britain into the ground are not in office come the next election.
There is an alternative – and people should vote for it.