The least worst option

Not surprisingly, the Tories are trying to have it both ways over Northern Rock today. One the one hand, they criticise the nationalisation of the Rock as a "disaster for the taxpayer." On the other, they criticise Gordon Brown and Alistair Darling for spending six months arriving at that decision. The two don't actually add up.

The whole reason the Government has spent the last six months exploring every other conceivable option for the future of the stricken bank was precisely because they were desperate not to have to nationalise it. For this reason, I am inclined to believe Alistair Darling when he says that the deal represents the best value for the taxpayer. Because if it didn't, they sure as hell wouldn't have done it for any other reason.

Let's also dispose of the idea - championed by Guido Fawkes here and here - that this is primarily about saving North-East jobs. If that was the case, the government would presumably have nationalised Siemens and Fujitsu when they crashed with significant impact on the regional labour market in the late 1990s.

The reason they didn't, of course, was because Siemens and Fujitsu, although large regional employers, were not banks, and there was no risk that their collapse would cause instability to spread throughout the country's entire financial system, which is the reason Messrs Brown and Darling have acted as they have done in relation to Northern Rock.

In fact, after ploughing through half a dozen Tory blogs claiming this is a worse political catastrophe than Black Wednesday, the death of Dr Kelly, and cash-for-honours rolled into one, I was somewhat relieved this afternoon to come across a "counter-intuitive" post from Hopi Sen in which he makes the following prediciton:

Northern Rock will end up making the Government money and be sold off at a significant profit (or have made a net contribution to public sector finances) before the next election.

The point is, there is actually just as much chance of this being right as the Tories' prophecies of doom. The answer is, we don't know, and we probably won't know for several years yet.

The Tories will doubtless go on claiming that this shows Labour has lost its reputation for economic competence, that Brown is a dud, that Darling should be sacked and so on. It may mean all of that, but it could also turn out to be the most brilliant piece of financial management in recent political history.

Darling's U-turns show Labour's lack of self-belief

It's been open season on Alistair Darling at Westminster this week and my Saturday Column published today duly focuses on the Chancellor's performance.

Like Polly Toynbee, I am dismayed by the U-turns on capital gains tax and the taxation of non-domiciles, which provide further proof as it it were needed that this government is adrift without a philosophical anchor.

"As things stand, the Tories will be going into the next election pledged to tax “non-doms” at five times the rate now proposed by Labour – although there has to be a question mark over whether their plans are any more workable than Mr Darling’s.

"Once again, it poses the question whether voters of a leftish inclination are now better off supporting a right-wing party that leans to the left over a centrist one that leans increasingly to the right....what this week’s moves by Mr Darling really demonstrate is a catastrophic loss of confidence by the government in their own values of social justice and fairness."

The quintessence of Englishness

The Guardian had an interesting piece today in which it asked a series of musicians to name the songs that, for them, define Englishness. It struck a chord with me as a lot of my own favourite songs and bands are what I would describe as quintessentially English - indeed it is one of the main reasons I like them.

There are some bands - The Smiths, Everything but the Girl, Gabriel-era Genesis - whose entire output to me evokes these shores. Going further back, you could say the same about much of what the Beatles did during their mid-60s psychedelic phase, as well as almost everything that the Kinks or The Who ever released.

Then there are some bands who are distinctively regional English. New Order, Joy Division and Pulp are clearly the sound of the industrial north, St Etienne will always remind me of Brighton, for some reason, and The Jam will forever be the sound of suburban London.

Here, then, are my Top 30 English Tunes that really couldn't have come from anywhere else. The list contains album tracks as well as singles and I've deliberately restricted myself to one per artist as Morrissey and Marr and Hook and Sumner would rather dominate the list otherwise. I'd be particularly interested to hear in the comments from anyone who also loves numbers 14 and 17, forgotten classics both.

1 Waterloo Sunset Kinks
2 Who Do You Think You Are St Etienne
3 Can't Be Sure The Sundays
4 English Rose The Jam
5 Solsbury Hill Peter Gabriel
6 William It Was Really Nothing The Smiths
7 Blood on the Rooftops Genesis
8 Subculture New Order
9 Oxford Street Everything But The Girl
10 Strawberry Fields Forever Beatles

11 A New England Kirsty McColl
12 The Day I See You Again Dubstar
13 Slimcea Girl Mono
14 Number Four St James' Square Mr Martini
15 When the Cows Come Home Prefab Sprout
16 My Name is Jack Manfred Mann
17 Bloomsbury Blue Ruby Blue
18 Staying Out for the Summer Dodgy
19 See Emily Play Pink Floyd
20 The Mayor of Simpleton XTC

21 Louise Human League
22 Razzmatazz Pulp
23 West End Girls Pet Shop Boys
24 I Can See for Miles The Who
25 Wuthering Heights Kate Bush
26 Have Fun The Beautiful South
27 Crazy Man Michael Fairport Convention
28 Don't Look Back in Anger Oasis
29 Castles in the Air Colourfield
30 Fool's Overture Supertramp