Laissez-faire

So, from what I heard on Channel 4 News this evening, it sounds as if the government is going to part-nationalise most of the banks tomorrow.

I wonder if this is what the Great She-Elephant had in mind when she talked of a share-owning democracy? More importantly, I wonder what the effect will be on any institutions left out of whatever is announced.

And good luck to anyone with money – what’s left of it – in Icesave. For all the talk of the increased FSCS limit of 50k covering 98% of depositors, journalists seem to be able to find plently of people with more than that. So whilst I have some sympathy for those who have fixed-term accounts and unable to withdraw or transfer, and I’m sure there are other corner cases, this limit has been in and out of the news since the Northern Rock run a year ago and I’m afraid I think in general that most people within that 2%, who have more than the limit with a single institution have, to coin a phrase, more money than sense.