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Darling should resign over Northern Rock, says Edeus chief

Edeus chief executive Michael Bolton has called for the Chancellor’s head over his handling of the Northern Rock crisis and also lashed out at the Bank of England.

He says the decisions of the Chancellor and the Bank of England have cost UK shareholders £5bn.

Bolton says: “The chancellor of the exchequer should resign over this. In fact I am amazed there is not a demand for his head.

Speaking in an interview with Money Marketing to be published next week, Bolton brands the Bank of England as merely a puppet of the politicians and accuses the bank of sitting on the sidelines for seven weeks.

He says: “The Treasury and the Bank of England up to last week was sitting on their hands. After seven weeks of inaction the Bank has been forced to move by its political masters bringing welcome relief to the three month money market.

“The fire in this market was lit on August 8 and on Monday morning we faced a very real prospect of not just a run on one bank but several other banks.”

He claims the Bank of England acted last week because Labour politicians were beginning to get nervous about losing the next election and the whole fiasco would not have occurred if it had acted two weeks earlier.

Catch the full interview with Michael Bolton next week in Money Marketing’s Mortgage Brief.

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