British Banking Bonuses

Listening to Treasury char lady Yvette Cooper trying to defend the continuing payment of bonuses to nationalised bank employees on the Radio 4 Today programme this morning and reading the press coverage on the obscene payments to what would by now be criminal classes in any sane society it appears to me there can be only one rational explanation - the bankers have got something (perhaps several things) on this Government. Thou shalt not steal; an empty feat When its so lucrative to cheat... (Arthur Hugh Clough 1819 - 1861) We will watch the evidence at tomorrows Commons Finance Committee with interest. The Daily Mail reports this morning "French President Nicolas Sarkozy announced last week that there would be no 2009 bonuses at banks that have received state aid." From 2010 the real health of a bank will determine the amounts of bonuses.

Pound's plunge points to higher interest rates!

The fact that Britain has been heading towards bankruptcy for years has been one of the main and constant themes of this blog and its forerunner "Ironies" since 2003. The end result of a decade of completely incompetent governance could have had no other outcome. The constant disregard of our carefully argued warnings by all the political parties, combined with the trashing and undermining of the newly founded political party, Veritas, formed to counter the nation's descent into chaos just before the last General Election, leave this commentator with the firm conclusion that the destruction of Britain (more particularly England) has been the desired outcome. The performance of the Chief Secretary to the Treasury, Yvette Cooper, on yesterday's "The Politics Show" in trying to evade, shout down and avoid any such obvious economic truths was outrageous. If a video record appears on the web I will link it here. (Once again my thanks to the Crown Blogspot for the link) Meantime the 3 per cent interest rate rise in Hungary, reported in the Telegraph, linked here, is an obvious ominous portent for the UK, particularly following the dire warning speech by the culpable and complacent Governor of the Bank of England the evening before last. Leaders are needed with ideas to best navigate the consequences of this extensive, apparently deliberate and malicious mis-governance - it seems unlikely they will be found in Parliament.