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When I said the term ‘nationalisation’ was not really appropriate I was slagged-off. However, my objection to the terms use was largely based on last weeks plan for the government to hold preference shares. Now that they are going to be holding ordinary shares then that objection is weaker.
The Prime Minister and Chancellor have made it clear that the holding is temporary and at ‘arms length’ which will not please those leftie idiots who believe this to be the dawn of a new socialist utopia.
How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.
"The Government has begun nationalising the British banking industry, pumping £37 billion of taxpayers' money into Halifax Bank Of Scotland (HBOS), Royal Bank of Scotland and Lloyds TSB."
"RBS will receive £20 billion of capital from the Government - leaving taxpayers holding a 63 per cent stake in the company.
A further £17 billion is to be injected into the merged HBOS-Lloyds TSB, meaning 41 per cent of the new "superbank" will effectively be owned by the public.
Before the merger, taxpayers will own around 58 per cent of HBOS and 30 per cent of Lloyds TSB."
Meanwhile, Barclays has insisted that it will raise £6.5 billion in new capital itself and does not need the Government's help. If its plan succeeds, Barclays will become the only major British-owned High Street bank to be fully independent.
The only big bank that does not need cash is the foreign-owned HSBC. "
37 billion divided by 61 million (wikipedia 2007 uk population estimate)..
that calculates to £606 of debt for every man/woman and child we have just all taken on thanks to Gordon Brown
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