A letter in today’s Times asks (of the failure of RBS) “what compensation will be paid to the taxpayers, private investors and pension funds that have lost millions…?”
One can only assume that this is an ironical question, since the compensation could only come from the taxpayer, and would represent in moral terms a very quaint form of redistribution.
The fact is UK banking will remain too large to fail and therefore be accountable for failure until we are part of an economy that has other revenue-producing industry sectors of similar scale.
It is, sadly, hardly likely that the UK will develop such industries in our or our childrens’ lifetimes.
Is this not the best, if most humiliating, reason why the UK should be part not only of the EU but of the Eurozone itself? The UK’s version of unrestrained capitalism and an ineffective political oversight have led to the loss of control of both our moral compass and our financial future. For the worst possible reasons membership of an industrially diversified Europe is our only hope.
If they’ll admit us.
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