Monday, 30 November 2009

Secret Loans and True Value

The Bank of England has only recently admitted that it provided £62 billion to HBOS and RBS in October 2008, with the full knowledge and consent of the Government. Mervyn King recognised that the secrecy of this loan was a crucial element in preventing a collapse in the banking sector and was thus in the public interest.

Previously I have called for systems to ensure that politicians tell the truth, but the apparent necessity of this deceit calls that idea into question. However, it may fall into a category of exceptional circumstances in the public interest, and I continue to believe that there should be legal sanctions against politicians who commit more common and self serving lies.

More on this story here.

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