Northern Rock take the biscuit – but you are paying!

Do you remember a long long time ago in land where your money was safe in the Bank and everything was just peachy. Then came along Northern Rock who mad some crappy decisions meaning people lined the streets to pull their money out of their accounts. Suddenly Northern Rock needed the support of us the taxpayer to get it out of its predicament.

Now we are where we are and we can’t change what has happened. I do remember at the time saying I wonder if as a taxpayer I would get any benefit (if it really would be) of their sponsorship of Newcastle Utd.

I thought once that deal ran out, Northern Rock would be a little more careful with what it spent – but if a story in today’s Mirror is anything to go by then they are happily frittering away more of our hard earned money.

How you ask.. oh by agreeing to a new £10 million deal – yes £10 million to continue to sponsor Newcastle Utd. Hmm – is it for profile raising? Everyone in the North East are aware of Northern Rock and everyone else (for the wrong reasons) knows its name.

So what is the benefit to  me the taxpayer for Northern Rock sponsoring Newcastle Utd? What next… a Royal Mail Formula One team?

Iain Dale (whether he jests or not) has written about whether it would be possible for a group of fans buying a 10% stake in West Ham for £10 million. I’d suggest he have a word with the Government – as they seem happy for public sector organisations to throw a few millions around so they may hand a big wedge of cash to him no questions asked.

5 Responses to Northern Rock take the biscuit – but you are paying!

  1. What about AIG, aka the American taxpayer, sponsoring Manchester United all the way to the Premiership title.
    see my blog http://tinyurl.com/ybhhdsf for more

  2. Andrew Smith says:

    Thats not just wasting money thats buying votes in the North East. Why not have "Vote Labour" on their shirts. Disgraceful.

  3. Fony Blair says:

    Hermeneuticals – AIG deal was made back in April 2006 and has now ceased.

    Can't beleive Northern Rock (sorry the UK taxpayer) has stumped up £10m to sponsor a load of overpaid northern monkies!

    The Govt seem to have absolutely NO control over the banks they suposedly own/control. Incompetent to teh last!

  4. John Hutton, the one says:

    Fony Tony, The Government have all the control over the banks they need. Think how many Labour votes there are in St. James Park on a Saturday. It reeks of shoring up the core vote with tax payer money where, let's be Frank, Gordo has some pretty solid form but even by his standards this stinks.

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