LABOUR REPRESENTATION COMMITTEE
Chair: John McDonnell MP
Vice Chairs: Maria Exall, Christine Shawcroft
Secretary: Simeon Andrews
Treasurer: Graham Bash
Labour MP exposes gaping hole in Rock nationalisation
In last night's debate on the nationalisation of Northern Rock, Labour MP John McDonnell (Chair of the Left Economics Advisory Panel [LEAP]) highlighted the fact that Granite - an offshore trust - holds the best assets of the failed bank, and the Government will only be nationalising the most risky side.
John McDonnell MP, Chair of LEAP, said:
“I have written to the Chancellor asking for an immediate statement on why the Treasury is allowing the most profitable elements of the operation to escape the nationalisation net. As they stand, the proposals will increase the burden on the taxpayer and put at risk the jobs of Northern Rock workers.
“People will be asking, 'how can the Government have got us into this state of affairs?' The sad truth is that by failing to regulate the financial sector adequately, they have been hoist by their own petard. It is scandalous that the participants in this tax dodge should be allowed to walk away with millions, when workers may lose their jobs and the taxpayer risk billions.
