THE PRIVATE sector has a lot to offer in terms of public service delivery. That has never been a problem for me as a Labour MP; if the best way of delivering shorter waiting lists in the NHS, new hospitals and schools, better performance in the railways, is to bring in private companies, I’m completely relaxed about that.

Too often the argument has been between those who think that everything in the private sector is good and everything in the public sector is bad, or vice versa, either of which is a ridiculous notion.

But for those who reckon that the private sector is always better at delivering services, the past few weeks will not have been encouraging.

What has become obvious is that Britain’s banks seem to be run by individuals who learned all they know from the Three Stooges School of Financial Management. Never, in the field of human finance, have so many clowns and charlatans caused so much damage and cost the public purse so much for their misjudgments and stupidity.

When local councils screw up, heads roll: in 1998 the leaders of North Lanarkshire and East Ayrshire Councils paid a heavy political price when direct labour organisations under their control ran up huge deficits.

What price will be paid by this gang of complete bankers?

The board conceded that nationalisation was the best option

The board conceded that nationalisation was the best option