Saturday, 1 May 2010


It’s the elephant in the room as we lurch towards another election - IMF-style austerity cuts in the UK. In order to bail the banks out of their self-induced crisis, the UK government directly spent £50bn from tax revenue income in 2008, not to mention the hundreds of billions of pounds of support committed since to prop up the whole sorry system.

Not that any of these selfless acts of charity stopped bank bosses handing out giant bonuses to themselves last year of course - a whacking £6bn in total - with the wholly taxpayer-owned RBS handing out £1bn in ‘reward’ bonuses. more...


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