O’Conall Street

So the day has come when we all get to own Ulster Bank (and the rest of RBS for the matter). Unfortunately we are not paying up front but on the proverbial drip.

The cash injected today will be paid off by all of us and can only lead to higher taxes and reduced public spending across these islands in the years to come.

I support the government’s initiative as a necessary intervention to prevent total market collapse, but am depressed  that my children’s future is being mortgaged to bail out what many believe to be a deeply flawed an immoral system.

What to do next is a matter for another day but in the short term we can all recognise that there are two systems in which to bank. The first is the traditional banks, the second the building and mutual societies.

There is a petition on the Downing St website calling on the government to support the mutual model as the best way of protecting consumers from future downturns.   You can sign it here.

This entry was posted on Monday, October 13th, 2008 at 8:36 am and is filed under Business, Politics, Public Affairs, Public Relations. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.