Of course, enforced job losses are never a pleasant thing. But at least Ron Sandler’s announcement that 1,300 Northern Rock employees will be made redundant falls short of the 2,000 redundancies that were originally envisaged. Regardless of the numbers, though, the redundancies represent the next stage of the Government’s “rescue package” for the bank – and it’s a stage they’ll want to sweep under the carpet.
Guido – who’s been consistently excellent on the Northern Rock fiasco – made the point that the first family to have their home repossessed by the nationalised bank can be “the poster family for this whole incompetent mess”. Much the same stands for the first batch of Northern Rock workers to be made redundant. However unsurprising the job losses are, coverage of the unlucky 1,300 is sure to steel the unions (and the Labour left?) even further. And it could yet do more damage to this Government’s economic credibility in the eyes of the public. That is, of course, if it doesn’t get buried under the leadership speculation.
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