Nov 04 2008
Worrying figures for taxpayers
TAXPAYERS BANKS
GROSS LIABILITIES (Balance sheet size)
100% owned
Northern Rock £99 billion
Bradford and Bingley £52 billion
Likely Majority owned
RBS £2000 billion
Possible Substantial minority shareholding
HBOS £680 billion
Lloyds £368 billion
TOTAL £ 3200 BILLION
TOTAL OF SUBSIDIARIES £ 2150 BILLION
LOSSES TO DATE
Northern Rock 1st half 2008 loss of £585 million. £3 billion of new equity capital
RBS 1st half 2008 loss of £692 million
HBOS announced writes offs of £5.2 billion
John Redwood has been the Member of Parliament for Wokingham since 1987. First attending Kent College, Canterbury, he graduated from Magdalen College...
I hope these figures have been passed to Mr Osborne he seems very quiet of late.
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Good old Labour. What a real mess this time. Perhaps the people that vote for them may like to stand back and look what they have done.
History will judge that the British people were conned by Blair and Brown into thinking they could have something for nothing.
They must only thnk of today and never tomorrow.
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In addition, what will it cost the taxpayers for the government to borrow all those billions it has put into the banks?
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Thank you for not saying “I told you so!”
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I think, that by this time, the idiot Brown has realised just what a mess, he and our country, are in. I would also think that he would rather be in opposition in the next Parliament. I feel that Osborne and Cameron are too lightweight to be able to put things right. The three main parties will, I am sure, be unable to cope and the minor parties are untried. I’m glad I’m 74!!!
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John, excellent stuff - now how about having a quiet word in your leader’s shell-like in the hope he might bring this to public attention sometime soon? The media don’t seem keen to share for some strange reason..
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Anyone got any criticisms of how the banks got themselves into this position of in effect being bankrupt. It was the governments and regulators fault letting them do what they like for sure, but the banks are the architects of their own downfall Maybe this was part of the bankers grand plan or just knowing they would get paid vast amounts for selling. The bonuses have turned out not to be bonuses but pay. Or renumeration as these talentless smart Alec’s, self importantly call it. There are no professionals in finance just successful and unsuccessful arrogantly they would say. You utterly failed. Never mind got rich though and still able to cause more problems.
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I attended a wedding some weeks ago and met a load of ex-pat Zimbabweans who were (I kid you not) laughing at the UK and equating Mr Brown with early Mr Mugabe.
They suggested
~ off-shore your cash before the government confiscate it which given real debt levels, they saw as possible
~ maintain a high degree of transportable liquid assets outside banks (they all liked uncut diamonds)
~ if at all possible, get another foreign passport
~ leave the country
They also made the point that despite Mr Mugabe’s ban on guns for ordinary people (I wonder why?), they had all kept theirs back home.
Interesting people all and a nice take on how self-reliant, robustly independent people deal with tyranny. Will we become of necessity, as self-reliant? I wonder.
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As the govt seems very reluctant to publicise these figures themselves could I please ask what their source is and how reliable that source is?
Not being awkward - just curious.
Reply: The published statements of the banks
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