I thought I’d at least give you a bit of good news on a Monday…
The Times is reporting that the Government are planning to drop their plans for 42-days’ detention, as they realise they will not get the bill through the House of Lords.
Unfortunately, that’s it for the good news.
I was interested to read Vince Cable’s article over the weekend that discussed cutting interest rates by up to 2% to kick-start economic growth, and since then, have been asked by a number of people what I think about the idea.
So, experience outweighs novices, eh? Not what New Labour were saying back in 1997, but let’s leave that to one side, shall we.
Sadly, I have managed to get myself food poisoned (it was either salmon bagel for lunch or the chicken for dinner), so I am not a happy camper today, but on the plus side, I am able to watch the news at home and would like to comment on two big stories of the past 48 hours.
There is now talk that Bradford and Bingley may be nationalised, given its current difficulties. As readers will know, I am concerned that nationalisation, both here and in the US of major financial institutions is not and should not be the first be the first reaction of government. Nor, for that matter, will over-regulation succeed in stabilising markets in the long term.
Dear Prime Minister Brown,
I see this morning that you have announced at your conference that you wish to curb “irresponsible” city bonuses that encouraged “excessive” risk taking.
Before I continue this letter, I would like to say that I am not a banker, have never been a banker, am not married to a banker, am not the child of bankers and in no way financially dependent on banking bonuses.
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