Economists are taught that when it comes to failing investments, bygones MUST be bygones, there is no point throwing good money after bad just because you have already spent a fortune. Write off your losses. Put new money into something more productive
Once upon a time I was peripherally involved in a long ongoing negotiation between the Inland Revenue, Her Majesty’s Customs & Excise, a landlord & the executors of the estate of a bankrupt builder. I will not bore you with the details
But the legacy of that painful time made me to go OH NO! when Gordon Brown proposed some kind of independent investigation of all those receipts which have now come in to the public domain
Somebody mentioned the figure of a million, or millions, of bits of paper. How long would it take just to read them all, sort them into OK, doubtful, definitely dodgy. How many people would it take?
How many people would be being pursued, years from now, for extra evidence, never mind the repayment of sums large or small
How much would it cost?
Would it cost more than the amount recovered?
Would it be value for money?
What’s done is done. Some people will be lucky to get away with things, others will get their come-uppance in various ways. Everybody is embarrassed & hurt
One year away from a General Election, the emphasis should be on sorting out better systems for the future, & thinking hard about the real political malaise of our creaking democracy
