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Politics in the Royal Borough of Windsor & Maidenhead

  • About David Burbage

    David Burbage MBE was Leader of the Royal Borough of Windsor and Maidenhead Council from 2007-2016. This blog : Promoted by Geoff Hill on behalf of David Burbage and all other Windsor and Maidenhead Conservative candidates, all of 2 Castle End Farm, Ruscombe, Berkshire RG10 9XQ
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Barclays, Redwood and Cable

Posted by davidburbage on November 10, 2009

It sounds like a firm of solicitors.

Once again, John Redwood calls it right. On his blog yesterday he says

Last autumn Vince Cable was busily talking down Barclays. He was keen for Barclays to accept taxpayer subsidy. He cast aspersions on the stability, financing and business model of the bank. I thought this wrong at the time, as I did not believe Barclays needed taxpayer support.

My favourite blogger (as he is of many others) is Guido Fawkes who reported of Cable (and via the FT) that

[I have] been calling him over-rated ever since he called for the nationalisation of Northern Rock.

 Cable was calling for Barclays to be taxpayer funded even when it didn’t need to be. When Barclays needed to get extra funds it found them in a form other than that funded by the taxpayer. For some bizarre reason, Cable thought this was unacceptable and wanted the UK taxpayer to invest in the bank.

“We have to ask why Barclays is willing to offer a better deal to foreign investors than the British taxpayer,” Cable said. “The answer is simple: they don’t want the British government stopping them from paying massive bonuses to their executives.”

So there we have it – LibDem politicians would rather the state get involved (with other peoples’ money) in a publicly traded bank, and intervene in an equity deal, because of a perceived advantage that the bank might gain by avoiding an uninvited apparition of state control – rather than prefer the bank do its own deal on its own terms . . . ?!!

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