The Tories have sought to burnish their credentials as the party of business by criticising the proposed rise in capital gains tax. On Northern Rock, however, they are playing a more populist game.
Here the priorities are depositors and taxpayers, according to David Cameron, the party leader. The shareholders are – to paraphrase – almost an irrevelance. With stormy scenes expected at today’s extrardinary meeting of the stricken bank’s shareholders, the issue is highly political. Few observers want these investors to seize total control of Northern Rock’s future. Read more