Is the UK banking system about to collapse? The current credit crunch has resulted in Northern Rock taking an “emergency” loan from the Bank of England. Banks normally lend to each other but when times are tight, the BoE is there to ensure that confidence in the banking system is retained by being a lender of last resort (albeit at premium rates). The Old Lady, and most financial commentators keep emphasising that Northern Rock is fully solvent and there is no crisis. And yet Northern Rock customers are queuing round the block to withdraw their savings.
We all know, from bitter personal experience, that building confidence in anything takes an age, whilst successful attempts to undermine confidence are normally sub-second torpedo strikes.
After building my confidence in several New Zealand Sauvignons I realised that Pinot Noirs from the land of kiwi were gaining in reputation, and promised to try one or two. I didn’t have to queue round the block for this Wither Hills Pinot Noir 2004, which I simply ordered online.