On my way to Birmingham last night I was listening to Five Live when the news was announced (in the usual way, by Robert Peston, for it is he) that the Bradford & Bingley was being nationalised. I wonder how much this had added to government debt. Presumably Gordon Brown will be too shameless to mention the 37% figure again. With Northern Rock it was 43.4%, so presumably it is now much higher.
The only people who will lose out are the B&B shareholders and the pension funds who still had investments in it. Robert Peston was at pains to point out that mortgage holders and depositers will be unaffected.
Did the government have any alternative to do what it did? Should it have allowed the B&B to go to the wall? Will it be the last bank to be rescued?