So the government has this morning announced its plans for Northern Rock. Er, just a cotton pickin' minute. Shouldn't this have been announced to the House of Commons first?
UPDATE: A commenter has pointed out that it had to be announced to the Stock Exchange. I understand that, but if the announcement hadn't been pre-briefed the Stock Exchange could have been told at exactly the same time as the House of Commons.
And let's be clear. This is nationalisation by another name. It may not be civil servants who run the reconstituted bank, but the taxpayer is still guaranteeing it.
UPDATE 12.30: By preannouncing this at the weekend the Prime Minister, together with Branson's comments, effectively created a false market in Northern Rock shares. I'd have thought that this must have transgressed some FSA or Bank of England rule. Any of my City readers care to shed some light?