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Mervyn King warns UK banks of threat of nationalisation

The Gov of the Bank of England has today joined calls for UK banks to release more liquidity to the consumer market and the business sector. Mervyn King has also suggested that if banks are unwilling to abide by the formal terms of their rescue by the taxpayer the government may look at nationalisation to refloat the economy.

While many may ignore these threats from the Bank of England and the government there appears to be some force behind this movement. It seems to be very clear that when the banks were bailed out to the tune of £37 billion by the taxpayer the economy was expecting something in return. This has not happened as yet although there are signs that slowly slowly the banks are realising the enormity of the situation.

Mortgages, loans and finance for businesses have been top of the agenda for some time now and the pressure is growing to increase the resources available. If the banks refuse to address this matter, however unlikely it may have seemed some weeks ago, the government appears serious about the threat of nationalisation. Whether this happens or not is a totally different matter.

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