The British government had the option to either put the banks through bankruptcy or to take on their liabilities and bankrupt the state. In the end it was always going to be what in popular parlance is now referred to as a “no-brainer” and the latter option was to be the preferred one. The British state has done the right thing on behalf of private interests and agreed to sacrifice itself and £60 million citizens on the altar of oligarchy. Do not send to ask for whom the bell tolls; it tolls for thee.
19th February, 2009
RBS and Lloyds to add £1.5trn to national debt
The banking bail-outs and collapsing tax revenues have left the UK’s public finances in a shocking state…
This morning the Office for National Statistics painted a frightening picture of the UK’s current financial position: the national debt soared to £703bn last month, equivalent to 47.8% of GDP, which is the highest proportion in over 30 years. January is usually a good month for tax receipts, but with incomes and corporate profits being squeezed in the downturn, revenues have plummeted – the monthly surplus was just £3.3bn, compared to £13.9bn last year. And perhaps most alarmingly, the ONS also plans to add the liabilities of bailed-out RBS and Lloyds to the public sector debt, which will push us an extra £1.5 trillion into the red…
In These New Times 