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Nationalising the economy

Mandelson unveils business aid plan - Scotsman.com News

The Financial Times said the Government would underwrite 50% of up to £20 billion of "relatively low risk" credit to all but the 150 biggest UK firms - with the banks promising to up corporate lending.

It said a higher-risk taxpayer-backed 75% loan guarantee would also be made available to viable small firms in sectors considered vital to economic recovery and that there would be a multimillion-pound fund to provide share capital in debt-laden small firms with promising futures.

So there will be local committees to judge which firms are "promising", which ones are "vital"... and they had better check that the firms don't discriminate against anyone, employ the right number of graduates, recognise the right union, contribute to party funds....

Maybe I won't bother to dust of the business plan again...


...and how, one wonders, is it decided what sectors are vital to economic recovery?

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