i was thinking a bit of a step backwards... we do the hokey cokey and we all turn round... : ) but yes...Northern Rock...compare and contrast with the Government's shameful refusals to compensate pension victims...
http://business.scotsman.com/pensions/Victory--at-last-in.3616141.jp
unfathomable karma?... its fairly obvious that the intervention to underwrite northern Rock was not made to protect savers, but to prevent the loss of confidence in the banking system. the sight of pensioners camping out to get their money before somebody steals it, being the stuff of panic ...panic being possibly the scariest word in tne banking lexicon...
in all the excitement, there seems to be no reporting in the mainstream press of Stephen Timms, Minister of State (Competitiveness), Department for Business, Enterprise & Regulatory Reform (!!!) giving evidence to the former DTi select committee on 22/1/08 in which it is reliably rumoured (i haven't been able to confirm as yet) that he has pooh poohed allegations that bogus self-employment in the construction industry is costing tax-payers up to £5 billion a year in lost tax and NI revenues. for a change the unions and the Industry are united in seeing this as a problem...incorrect categorisation for NI results in loss of benefits, pensions and in exploitation of vulnerable workers, and poor health & safety, and unfair competition for big boys ( i don't have to worry about them!) but Mr. Timms says £3-400 million more like, and he has no intentions of burdening business with enforcement. Unfortunately, government still cannot produce reliable figures - no change from 10 years ago (see link below - it's starting to look deliberate! : ) I'm not sure why it's his business at all...NI categorisation used to be for National Insurance Inspectors to investigate, now it's with HMRC...and it's a matter of law... actually no, its a matter of policy if you control the purse strings and pick and choose which laws you resource to enforce and how...
http://www.nao.org.uk/pn/9899130a.htm
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