Your money

John McDonnell may not have been a name that tripped off many lounges until this morning when it emerged he was the new Shadow Chancellor of the Exchequer.

One of his key policies is the banks should be nationalised.  And on the surface that seems like a good populist move.  After all, it’s the banks that got us into the economic mess he would no doubt argue.  Others would of course argue it was Gordon Brown by liberalising the banking regime was the catalyst for banking excess.  I tend to go with that thinking.

But whatever, nationalise the banks.  But what actually are we nationalising?  Think about it.  Where does your salary go every month?  A bank.  Where do you keep your savings.   A bank.  To who do you go to borrow money.  A bank.  Or grow your business.  A bank.

So what John McDonnell is really saying is "I want to nationalise all your savings, I want politicians to control them.  I want politicians to be able to decide commercial lending policy.  I want to be totally in control of 100% of the money in the country, not just the tax I take off of you as an individual or a business". 

If that doesn’t worry you, I am not sure what will.