On the first, as a free-marketeer what I am about to say pains me. But there had best be a full nationalisation of the Royal Bank of Scotland and Lloyds/TSB/HBOS. The former is regarded by the market as broken and we own 70 per cent of it, anyway. The latter is in nearly as much trouble. Let us stop pretending they operate as independent institutions.
Who'd a thunk? And where next?
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