Guido can’t help thinking that the row over Fred’s £8 million pension is a contrived bit of spin to distract headlines away from the £300 billion bet that HM Treasury is taking on RBS. Frankly Fred’s £8 / £16 million is neither here nor there in comparison to what the government is committing the taxpayer to underwriting. If this goes pear shaped Iceland will be nothing in comparison.
“This is, at its heart, a matter of public trust,” he told the PM, concluding: “I cannot reconcile the terms of the proposed deal with the promises we made to the country in our manifesto at the last election… I believe that the regulatory regime proposed for Northern Ireland presents a very real threat to the integrity of the United Kingdom. I cannot support an indefinite backstop arrangement, where the EU holds a veto over our ability to exit…”