Bad news for Alistair Darling.
No, not that his cat’s just died, which is sad enough.
But that the banks don’t listen to his pleas to lend.
For months now he’s begged them to do something to help the small and medium enterprises, which are the back-bone of the private sector, get affordable credit.
But no, despite having nationalised much of the banking sector, the banksters aren’t listening. They’re profiteering.
To cap it all, John Kingman, the head of UKFI, the arms-length company which administers UK citizens’ collective stake in the banks, has announced that he’s stepping down to get a bigger pay-packet in the private sector.
If Darling is serious about wanting to help people through the recession – to keep businesses going and keep workers in their jobs so we can get out of it – then he should put representatives on the boards of the nationalised banks and make sure they give small businesses a fair deal.
We need democratic public ownership – with workers’ representatives on the boards of the banks.
In another months’ time there will be thousands of people out of work because the banks are being greedy – and they won’t be begging New Labour to change course…