Wednesday, 3 December 2008

Queen's speech

Today was the State opening of the new Parliamentary session.

It involves a lot of pomp and ceremony, with the MP's summoned to hear the Queen read a speech written by the Government in the House of Lords.

The Queen is forbidden to enter the House of Commons, a sign of the primacy of the Commons over the the Lords.

Anyway, the Government published reforms to ensure that the leading banks will suspend mortgage interest payments for up to 2 years for those borrowers who lose their jobs or suffer a significant reduction in income. No-one yet knows how much this will cost. If after the 2 year period is up the borrower still can't pay, then the Government will make good the banks loss.

It sounds good in principle, but who pays when this goes tits up...the taxpayer...and its estimated to cost upwards of £1.2billion...nightmare...

Also in Parliament the scandal continues of the police raiding the office of the opposition or shadow immigration minister...apparently the police bluffed their way who would have thought the cops would tell lies?