inside business

Why RBS was bailed out and Thomas Cook wasn’t

The two situations are not so different – except that the bank was too big to fail, writes James Moore

Monday 23 September 2019 19:53 BST
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Thomas Cook passengers seeking information at Mallorca airport
Thomas Cook passengers seeking information at Mallorca airport (Reuters)

Governments aren’t in the business of running travel companies,” was the po-faced response from transport secretary Grant Shapps after he was asked why the government didn’t step in to bail out travel company Thomas Cook prior to its collapse.

But hang on, Thomas Cook customers might care to ask, how come it’s in the business of running banks? Or at least owning them?

In reality, those stranded on foreign shores have more immediate concerns, such as how the hell they’re going to get home.

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