Adam Sandler, chairman of Nationalized Rock, had a warning to UK taxpayers. He said "If house prices were to decline 5, 10, or 15 percent, that would seriously impede fulfilling the plan" to repay the Treasury.
This is a gruesome revelation. We have about ₤24 billion of our money currently propping up the beleaguered lender.
Well, the last time I looked, house prices are already down over 5 percent from the peak. Does that mean that the plan is now officially "impeded?" Or would imploded be a better description?