Comments: Darling gets ready for the big squeeze

David,

Is it just me or am I the only cynic that thinks Alistair D. on strict instructions of Gordon B. , only reffered to the 100K figure for investor protection whilst the queus were outside Northern Rock branches?

Someone I think referred on your site to inflation getting out of control but it didn't go down too well. I wonder if the scenes are to be repeated.....

Posted by F.Fox at October 1, 2007 05:49 PM

That wasn't quite the sequence. Darling announced an unlimited but temporary guarantee when the queues were still there, then a few days later - the following Saturday morning - floated the 100,000 figure, by which time the queues had gone. But I was surprised that we got the announcement only of 35,000 (100% backed) today. In interviews, he has said he wants to go further, but there was no such commitment in the speech, and no mention of 100,000:
http://www.hm-treasury.gov.uk/newsroom_and_speeches/speeches/chancellorexchequer/speech_chx_011007.cfm

Whether we get more bank runs or have to wait another 150 years is an interesting question but I don't think it'll be because we have a bout of hyperinflation.

Posted by David Smith at October 1, 2007 05:59 PM
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