More demands expected
Congratulations, you are now the proud, or maybe not, owner of a bank or two. You must now be wondering what you'll get for your share of the £37bn. The chancellor's promising you, or at least your representative, a place on the board and no cash bonuses for those who are not the people's representatives, and what's more, freer flowing loans to small businesses and homeowners. Expect more demands to follow soon.
Will, for example, the government guarantee the retention of the Scottish HQs of RBS and Bank of Scotland? And what about the Halifax headquarters of the Halifax? Will they promise to pass on interest rate cuts to mortgage holders? Will they even change that annoying muzak which plays when the bank puts you on hold? You see now that the people own the banks, the people are sure to make demands of the people's representatives who bought them on our behalf.
And what's more, there'll be demands to nationalise lots more. The new Transport Secretary Geoff Hoon dutifully took the underground home from Wembley after the England game on Saturday. Per chance, he bumped into the head of the RMT union, Bob Crow. "Now you're nationalising the banks", Crow said to him, "how about the railways?" How about it, ministers?