Gordon’s Black Wednesday£11,169,591,442 on September 19, 2007

As these official Bank of England statements reveal, the bank’s liabilities went up £11,169,591,442 on Wednesday September 19, 2007. This was Gordon’s Black Wednesday.

How much will the taxpayer lose in Northern Rock? With recession coming and for the first time since the 1991 negative-equity disaster, three consecutive months of recorded falls in property prices, it is not looking good. The total level of public support is “confidential”, but we can assume it is now £30 billion.

click to enlarge
Northern rock has de facto already been nationalised, it now looks increasingly like that this will soon be formalised. Is it any wonder why the “economic competence” poll ratings for the Labour party have collapsed to levels not seen since before the 1992 ERM debacle. The nationalisation of Northern Rock was not in the national interest, it was in the narrow interest of Labour to protect their North East heartland votes. It is not a great bargain…



Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Theresa May tells Bercow:

“Mr Speaker-elect, can I congratulate you on your re-election. At least someone got a landslide.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
DUP Deal Signed DUP Deal Signed
Watch: McDonnell on Grenfell ‘Murder’ Watch: McDonnell on Grenfell ‘Murder’
Sunday Shows Sunday Shows
The Economist’s Lack of Intelligence Unit The Economist’s Lack of Intelligence Unit
Happy Independence Day! Happy Independence Day!
Sun Cleared by Hospital Sun Cleared by Hospital
Exporters Order Books at 29 Year High Exporters Order Books at 29 Year High
Corbyn Refuses to Bow to The Queen Corbyn Refuses to Bow to The Queen
McDonnell Repeatedly Backed Far Left ‘Day of Rage’ Group McDonnell Repeatedly Backed Far Left ‘Day of Rage’ Group
“Soft” and “Hard” Brexit Terms Obsolete “Soft” and “Hard” Brexit Terms Obsolete
Hammond’s “Sound Money” Speech Sadly All Spin Hammond’s “Sound Money” Speech Sadly All Spin
Tommy Robinson Called British Muslims “Enemy Combatants” Tommy Robinson Called British Muslims “Enemy Combatants”
Corbyn Praised at London Hezbollah Rally Corbyn Praised at London Hezbollah Rally
Government Understaffed – Key SpAd Vacancies Up for Grabs Government Understaffed – Key SpAd Vacancies Up for Grabs
Clive Lewis: “Burn Neoliberalism” Clive Lewis: “Burn Neoliberalism”
Corbynista Ultras Involved in Storming Kensington Council Corbynista Ultras Involved in Storming Kensington Council
CCHQ Already Preparing for Next Election CCHQ Already Preparing for Next Election