We know that the government’s borrowing spree is going to have to be repaid by someone. But who? That’s the question the Pre-Budget Report ought to address.
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If City shareholders really believe in pre-emption rights they will continue to oppose Barclays’ capital issue. While the institutions are now being offered a share, private investors remain excluded.
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The Scottish Nationalists trying to stop HBoS being bought by the English seem to have missed one important point. Lloyds TSB is Scottish.
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The former bankers trying to keep HBoS independent (ie, Scottish) really ought to know the difference between a job application and a takeover. And they have sent their application to the wrong address anyway.
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There are two missed opportunities in the UK banking bail-out. Lloyds TSB (LON:LLOY) has failed to review its terms for rescuing HBoS (LON:HBOS) and the government has failed to review its terms for recapitalising both banks.
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Interest rates will fall and inflation will plummet. That’s official: the Bank of England quietly said it while it thought no-one was listening.
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Why should investors – nevermind the government – give the banks new capital when they were so inept at looking after the capital they had?

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Is capitalism dead? If the world banking system can survive only with state support, what chance the rest of the economy?
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Legal & General is leading the opposition to the ban on state-rescued banks paying dividends – but it was the life and pensions company that started this row of collapsing dominoes.
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Gordon Brown is basking in international glory for saving Britain’s banking system, but in the cold light of day, everyone – banks, government and regulators – got the terms wrong.
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