Brown can't DEMAND anything of the banks, so long as they remain in private hands
Are we going to avoid the dreadful effects of a major recession? Then we need banks to lend at low interest. Brown 'demands' that the banks pass on the full B of E interest rate cut yesterday (http://www.bloomberg.com/apps/news?pid=20601102&sid=arNy9a8HuO7Y&refer=uk ) : but he is not in a position to DEMAND anything, because the banks are being run at arms length on a purely 'commercial' basis. I.e. They haven't really been nationalised at all. Our taxpayers' money is propping them up, and we are getting nothing in return -- no executive representation on the board, even.
This is unsustainable. The government should have the courage to cut to the chase now - and nationalise the banks properly, before we find ourselves in a Depression. Only when the banks are in the hands of the government can Brown actually DEMAND that the banks pass on the interest rate cut, and see off the spectre of Depression.