Sunday, September 28, 2008

£150 Billion what could i buy for that? Apart from 2 s**t banks?

Financial crisis: Bradford & Bingley nationalisation will cost taxpayers £150bn

Britain will effectively have its own Government-owned “toxic bank” with £150 billion of debt - £50 billion from Bradford & Bingley and £100 billion from Northern Rock......

Posted by tom101 @ 11:44 PM (858 views)
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9 thoughts on “£150 Billion what could i buy for that? Apart from 2 s**t banks?

  • dohousescrashinthewoods says:

    And to think that the nation was exercised over the mere 30 billion for Northern Rock which, at the time, was the biggest event in hundreds of years, but after which, we were told, things would get better.

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  • Robert Peston stated on Radio4 that B&B won’t cost the tax payer anything unless the losses exceed £15 Billion. It was specifically reported that this was extremely unlikely.

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  • Yes, we’ve seen this trick before. The problem with the doomsday scenario is that six months later it tends to come true.

    Taxpayers are being stuck for another £40bn, or £150bn in total. That’s the end of it.

    Will the last person to leave the UK please switch the light off.

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  • tyrellcorporation says:

    Well just £4bn will buy two state-of-the-art aircraft carriers and the whole of the TGV high-speed rail infrastructure in France including rolling stock has cost an estimated £16bn. Throwing £150bn at a failed bank like this is criminal, no other words to describe it really.

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  • “…..The nationalisation of Bradford & Bingley may also have an impact on the buy-to-let mortgage market as landlords find they have to pay far more to remortgage. … Landlords have already seen mortgage deals become more expensive and criteria toughen – B&B’s plight will clearly not help an already tougher market.”

    Oh dear, oh dear oh dear as Tick Tock would say. Where is he??

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  • Paul,

    I think you may be misleading the readers here. The taxpayer is not £150 billion the loser. Remmeber that even on worst case scenario they say that the £40 billion mortgage debt will be the subject of 40% repayment!!

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  • “The nationalisation of Bradford & Bingley may also have an impact on the buy-to-let mortgage market as landlords find they have to pay far more to remortgage”

    Shame.

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  • Worrying figures indeed, particularly considering the house price crash still has a long way to go…..

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  • planning4acrash says:

    Orwell, you forget the inflationary costs of that £150bn. It will go directly into the petrol pump, then flow into general inflation within two years. Inflation, the stealthiest of the stealth taxes. If we got sound money and eliminated inflation, taxes would have to rise to 60-70% to fund this and Iraq. Would the public go nuts? Yes, and quite rightly, and the policies would be reversed. That is why government inflate.

    So, Orwell, the costs you discuss are in addition to the £150bn hit we get straight away to our collective buying power.

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