Correction (2007)

From the November 2007 issue of the Socialist Standard

In the last-but-one paragraph of the article on Northern Rock in the October issue, the words in italics below were unfortunately omitted resulting in nonsense. Our apologies.

“The underlying issue is more about its inability to continue borrowing money from the money market at a lowish rate of interest – since in many respects it is from the difference between this rate and the rate it charges house-buyers that it makes its profit. Already it is forecasting lower profits for the current year and because its share price has fallen – due to some of its shareholders bailing out too – it is liable to be taken over by some rival.”