Disappointment in Sheffield

The news that the government was cancelling an £80 million loan to Sheffield Forgemasters has caused natural dismay locally. However, quite apart from the fact that the previous government had no money to back the promise, it should not have had to offer it in the first place. This is what Banks are for. We saved them with taxpayers’ money precisely so they could and would finance valid business expansion. This deal had the taxpayer coming up to the plate twice.

The combined weight of the Treasury and the Business Department and now the Bank of England, needs to bear down on these banks to stop them gambling with the nation’s money or inflating assets by over lending on property. Instead they must be required to get back to their proper business at the heart of the economy. Our business. Our jobs. Our money.