The day Labour's reputation for economic competence died

Responding to the government's announcement that the Northern Rock bank is to be nationalised, the Shadow Chancellor, George Osborne said:

"This is the day when Labour's reputation for economic competence died"

"Now the taxpayer will bear the full risk of lending £100 billion of mortgages in an uncertain housing market."

The amount of taxpayer's money which is affected just too huge for the mind to fully grasp. The risk to the taxpayer of an earlier government guarantee was described as "Thirteen Millenium Domes" - this is more like Fifty Millennium Domes.

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