What will the impact of NR be on the next general election?
So there we have it. The Darling-Brown plan to solve the Northern Rock crisis without them, on the face of it at least, having to resort to nationalisation.
But a lot of tax-payer’s money is still at stake and Vince Cable’s point that ministers have gone for a private sector solution without the private sector risking any money certainly hit home in the commons a short time ago. His ability to express this forcefully in a manner that is easily understood could be a continuing issue for Brown. Cable inflicts damage on this issue every time.
The Tories are hoping that they can make the handling of Northern Rock into Labour’s “Black Wednesday” – something to chuck at what has been Gordon’s main USP – his skill at handling the economy.
A lot depends now on how this plays out with the media. How will this be reported? What will be the shorthand that’s used to describe the plan?
My sense is that because of the very complications of what’s involved the government has a certain amount of protection.