Our Friends In The North

Bankers may have a reputation for being boring, but recent events have shown that even they can be creative when their backs are against the wall. The recent trend of increasing mortgage rates when the Bank of England are reducing theirs is unprecedented as far as I can recall. We should all ensure we have long memories. Next year it would be interesting to see which banks are reporting record profits despite writing off so called sub-prime debt. In one way or another we are all refunding them the money they gambled and should vote with our feet. I dare say the safest place to save and the cheapest to buy a mortgage from would be Northern Rock, as if anyone should pass on the £15bn added to the banking system by the B of E in the last month, it should be our friends in the north, aka the now cast iron Government Bank.