FSA to halt trading in Northern Rock

Unconfirmed rumours are saying that the FSA will suspend trading in Northern Rock at the beginning of trading in London Monday 17th.

This will be closely followed, midday, by the directors decision to call in the Administrators.

Speculation has been building during the weekend on the future of Northern Rock, after at least £2bn in deposits were withdrawn on Thursday and Friday.

It is now likely that the Bank of England (or should we say the taxpayers) will have to pick up the costs of this failure.

2 banks have already indicated their willingness to talk to administrators in order to buy Northern Rock, the first being the UK's Lloyds TSB and the second the National Australia Bank, Australia's biggest bank which already has substantial holdings in the UK.

The Government's ineptitude and financial mismanagement is now beginning to unravel. Gordon Brown is likely to be seen as the direct cause of this and other failures in the financial markets, which is unlikely to be the last.

Banks and governments unite at times of financial crisis in
talking the markets up, pretending there is no problem, that everything
is under control. Shrewd commentators reckon that we are teetering on
the precipice of financial meltdown.

A story here is instructive. The State bank of Saxony has lent €65bn to the US market, despite having barely €200m of equity.

NuLab – Destroying Britain from the inside out.

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About IanPJ

Ian Parker-Joseph, former Leader of the Libertarian Party UK, who currently heads PDPS Internet Hosting and the Personal Deed Poll Services company, has been an IT industry professional for over 20 years, providing Business Consulting, Programme and Project Management, specialising in the recovery of Projects that have failed in a process driven world. Ian’s experience is not limited to the UK, and he has successfully delivered projects in the Middle East, Africa, US, Russia, Poland, France and Germany. Working within different cultures, Ian has occupied high profile roles within multi-nationals such as Nortel and Cable & Wireless. These experiences have given Ian an excellent insight into world events, and the way that they can shape our own national future. His extensive overseas experiences have made him all too aware of how the UK interacts with its near neighbours, its place in the Commonwealth, and how our nation fits into the wider world. He is determined to rebuild many of the friendships and commercial relationships with other nations that have been sadly neglected over the years, and would like to see greater energy and food security in these countries, for the benefit of all. Ian is a vocal advocate of small government, individual freedom, low taxation and a minimum of regulation. Ian believes deeply and passionately in freedom and independence in all areas of life, and is now bringing his professional experiences to bear in the world of politics.
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