The Northern Rock fiasco: how the EU has damaged Britain’s ability to govern itself

One of Britain’s leading economic commentators, Professor Tim Congdon, looks into the Northern Rock fiasco and asks if the EU played any part in the way in which Britain governed itself. Fundamental to the crisis was the way in which the FSA, the Bank and the Treasury were crippled by limitations on their power, and uncertainties about exactly what their powers were, which arose from the UK’s membership of the EU. The Northern Rock fiasco illustrated, with remarkable clarity, the damage that EU membership has done to Britain’s ability to govern itself.