£50 billion bailout for banks - by taxpayers

The government has just agreed a £50 billion emergency bailout package to rescue Britain’s banks. The measure is designed to prevent further banking failures during the ongoing global banking crisis and free up liquidity in the system.

A government backed guarantee is designed to increase confidence between the banks, who are presently not lending to each other. Any British bank can now effectively call on the government to guarantee any emergency capital borrowed from another financial institution.

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Comments

Agreed...

John Savage | | Permalink

Couldn't agree with you more David.

I'm even wondering just why we seem unable to support our aged pensioners, pay for drugs and treatment of certain illnesses, have services cut, have no money available for this and that - then suddenly this crowd of incompetents we have governing us can find billions, just like pulling a rabbit out of the hat!!

It beggars belief.

WHAT A JOKE

s1dap | | Permalink

Thank God I live out of UK in Asia. All these problems do is prove that Bankers really are Wankers. The boards of these incompetent outfits should be fired en masse along with all the big bonus slimeballs they employ. Let em go to the wall I say.