Wednesday, 4 November 2009

Another Bank Bailout

We are all £50 billion poorer now - as Alastair Darling has given RBS / Lloyds an even bigger bailout.
This latest £50 billion bank bailout is roughly equivalent to the annual schools budget and far exceeds the annual defence budget of £35 billion.
The new moves bring the total of public money lavished on Britain's financial rescue to £1.2trillion - almost £20,000 for every man, woman and child living in the country.
Yet still the government has
- an unrealistic system for repayment of the government money
- failed to force the banks to meet pledges to boost lending to firms and families in return for the bailout