
Originally Posted by
KerrAvon
You’ve certainly said that British mines were the safest in the world and I’m sure that you believe it, but do you have any comparative figures to demonstrate it?
You didn’t directly answer the question I asked about your likely response to the Tories had Thatcher used climate change as a justification for an accelerated mine closure programme in the 90s. I think we both know the answer though. At what point did the science become irrefutable for you?
I mentioned a £50m subsidy to coal customers not to switch to oil in 1980. I also mentioned that as coal became less and less able to cover its costs, NCB annual losses had grown to £875m per year - £2.3m per day – by 1982/83 with only two areas out of twelve showing a profit. The industry was a financial basket case requiring ever more taxpayers money to keep its head afloat and pay wages. As I said earlier, the question was then whether it should continue to be supported as some sort of expensive job creation scheme. I think we both know the answer to that too.
I see no comparison between the decision to end the NCB’s dependence on the tax payer and the decision to partially nationalise certain banks in response to the consequences of the credit crunch. Banking is an everyday requirement of business and individuals and allowing large sections of it to collapse would have created chaos. Without action, we would have been reduced to trade by barter. As I think I have mentioned above, I think that the decisions made by Brown and Darling were correct and timely. The better questions around the position that the banks found themselves in are whether regulators should ever have allowed them to become ‘too big to fail’ and over extended and whether enough action has been taken to avoid a repetition.