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The government's rescue of some of Britain's biggest banks will more than double the national debt at a stroke after government statisticians decided to classify Lloyds and Royal Bank of Scotland as public corporations. Their liabilities – up to £1.5tn – will be added to the taxpayer's balance sheet.
That could push the country's debt levels up to 150% of national income, from a three-decade high of 48% now. The public sector net debt has already been swollen by £90bn of Northern Rock liabilities and, as of yesterday, £50bn of Bradford & Bingley's liabilities. But the two latest additions, which the ONS estimates could total between £1tn and £1.5tn, would dwarf those.
Originally posted by uk today
Yep folks that is a whopping 2 TRILLION POUNDS that our wonderful government has managed to rack up.Welcome to the uk's ten year or more depression.Has'nt Gordon done an excellent job in screwing us for years to come.And if you want a real laugh he thinks the economy will pick up in a few months-what planet is this great leader of ours on?;
Originally posted by longdog
What I can not understand is this - if the govt. has bailed all these banks out with "our money" then where did it come from and why did we all have to keep paying more and more taxes previous to this mess . Why did we all not get a tax rebate last year , for instance , if all this money was in the coffers . I am seriousley considering going on the dole for the first time in my life after working for 40 yrs . Why not ?