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The Business, London, Fraser Nelson column.(Column)
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Sunday Business (London)
- Article date:
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September 29, 2007
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Copyright informationCOPYRIGHT 2007 Sunday Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Fraser Nelson
Sep. 29--Even by Gordon Brown's Houdini-style standards, it has been an extraordinary escape. The credit crunch is a global crisis, but only in Britain has there been a run on the banks. Only in Britain did the central bank fail to pump penalty-free liquidity into the market, following the lead set by the European Central Bank (ECB) and the Federal Reserve. Only in Britain was there a policy U-turn resulting in the taxpayers underwriting every penny of savings in a supposedly private bank, Northern Rock.
All this should have mounted to a heap of political trouble landing straight on to the doorstep of 10 Downing Street. And yet, in defiance of ...
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