Subsidy

Just to say Nick that I actually used to work for one of the merchant banks in the City. What people have to understand is that one of the 'pewrks' which went with the job was that I was allowed a mortgage of five, yes five, times salary at a fixed rate of 2.5% for the life of my employment. This was in the seventies and eighties so we know what the subsidy amounted to.

What I hope is that the same sort of benefits are not extended to any of those now working for banks or building societies which have hit financial trouble.

Finally, I hope that no money has been paid to Newcastle United, apparently sponsored by Northern Rock, since that institution had to be nationalised. As a supporter of a team in the westcountry I would wish that absolutely no taxpayers money is being spent on sponsorship, cheap loans to staff, mortgage subsidies and compensation payments to the very people who have caused the problem.