Shame The Bank Bullies

Nov 30 2008

IT makes perfect sense for the Government to step in to stop major employers from going bust.

Pumping £37billion of taxpayers' cash into the banks was needed to save the economy from collapsing.

Millions of jobs and our future growth and prosperity depend on flagship firms. It's inevitable some will struggle to survive the recession.

Tayxpayers cannot be expected to bail out every Woolworths or MFI.

But the government MUST invest in the firms which are the lifeblood of the nation.

In 1971, Rolls-Royce was on the verge of collapse.

Saved by nationalisation, it is now the second largest aircraft engine maker in the world. If the Government had not intervened and if Rolls Royce had gone under, its research, development and skilled workforce would all have been lost.

Small companies need help too - and it need not cost £37billion.

Many with good business models and strong order books are being refused assistance by the very banks who were bailed out.

They get away with it because small businesses lack political clout.

So we like Treasury Committee chairman John McFall's idea of naming and shaming the rogues.

It's time to give the banking bullies a bloody nose.