Monday 26 May 2003

I spoke too soon

The other day I wrote about Rosie Kane, the new SSP MSP, who wants to ban the use of the word "ned" in the Scottish parliament. I noted that I had expected a somewhat more robust initiative from her:
Perhaps a call for the toiling masses to storm the Bank of Scotland?
Maybe Ms Kane is a reader of this site for she has now upped the ante:
ROSIE Kane, the high-profile Scottish Socialist Party MSP, has set out her party’s intentions towards big business by demanding the nationalisation of the Royal Bank of Scotland and HBOS (Halifax Bank of Scotland)
And what has brought Ms Kane on from worrying about politically incorrect parliamentary language to calling for the nationalisation of our largest companies? It's this:
For bouncing a £4.95 direct debit two weeks ago I got charged £30
Poor Rosie - another politician who can't balance the books.

I am sure that most readers understand full well why nationalised industries don't work but calls for a state takeover of our banks is the last thing our economy needs. Financial services are probably Scotland's largest employer after tourism and certainly the provider of the best-paying jobs. Most of the customers of our financial institutions are outside Scotland. Does Rosie really think that any of those customers would remain if her plans were carried out? I don't expect that the SSP bank raid will ever take place but their ravings can certainly drive customers away and cost jobs.