Northern Rock - Thank heavens for the House of Lords

The Northern Rock privatisation is a joke, the Government won't tell the public (who are funding the purchase) what the current figures are, they want to exempt the Northern Rock from the Freedom of Information Act so as to keep hidden the costs of nationalisation and to prevent the new owners of the bank (us) from examining the books too closely. Thankfully, whilst Gordon Brown and his minions can push any legislation they like through the House of Commons using the votes of their supine and yet strangely spineless backbenchers, the House of Lords is a more naon-partisan body.

It is reported that "The government has suffered defeats in the House of Lords over parts of its plans to nationalise Northern Rock. Peers have voted for an independent audit of the bank's books within three months, followed by annual checks. They also voted against plans to exempt the bank from Freedom of Information laws and to have regular assessments from the Office of Fair Trading."


Of course the Labour Government will almost certainly reject the peers' ammendments and return the bill to the Hosue of Lords. This could be an interesting battle of wills between Labour Government and House of Lords and you can expect the phrases "unelected chamber" and the "elected chamber must have primacy" to be brought out by Labour Ministers. However unlike when Tony Blair was Prime Minister I don't think Gordon Brown has the bottle for a fight with the upeer house; he will bluster and threaten but he is above all a bottler.


As ever the comments on the BBC's "Have Your Say" thread are at odds with the Government line and the spin that the BBC want to put on this...

Here are a couple:

"More evidence that Gordon Brown's economic competence is as credible as his crime and inflation figures. He was responsible for the new regulatory set-up consisting of the FSA/Treasury/Bank of England, that allowed Northern Rock to over borrow against assets (he could hardly object as he was doing likewise).

'Temporary public ownership'? More soundbites, more spin, or, as we call it in the real world, LIES.

Lord Wreath, Offwhite City,"


"Absolutely inevitable - Branson and co might have saved their efforts. This has been mishandled at every level from the start and Brown should sack his Chancellor forthwith and come to think of it he should sack himself as well, since he is First Lord of the Treasury. Utter incompetence from a totally discredited government. And there is not the remotest chance of either the investors or we taxpayers ever getting our money back, despite soothing assurances to the contrary.

[imsickofitall]"