Saturday, November 7, 2009 -11:47 AM - Funny how they have never explained to the people exactly where all this money has gone. The Banks are (According to them) Still in the shit, so wheres the money Brown you wanker?
Source: http://www.express.co.uk
BROWN'S BANK BAIL-OUT
SENDS DEBT SOARING TO
£92,000 FOR EACH FAMILY
Brown blamed for soaring debt
By Macer Hall
THE financial crisis is on course to send national debt soaring by a colossal £1.5trillion, official figures revealed yesterday.
The eye-watering sum, equal to more than £60,000 for each household, also equals Britain’s entire economic output for a year.
It will take overall national debt to £2.3trillion – the equivalent of £92,000 for each of the country’s 25 million households – the Office for National Statistics revealed.
Last night, the Conservatives blamed Gordon Brown’s stewardship of the economy for the extent of the soaring debt.
Tory MP Brooks Newmark said: “The Government is still trying to hide the full extent of Britain’s debt crisis.
“They are in denial. Gordon Brown has messed up the public finances and our children will inherit this vast debt.”
The debt surge was largely caused by the huge liabilities of banks such as Royal Bank of Scotland and Lloyds Group being taken on to the public balance sheet.
The Government has also offered £330billion in guarantees to the financial sector, the ONS said. Both liabilities come on top of a debt forecast by the Treasury of £792billion for the current financial year.
National debt has hit the limit of the range expected by the ONS.
Treasury officials said the liabilities of the bank bail-outs were added for classification purposes. They said taxpayers would not be hammered with the full amount because the Government was aiming to sell off its stake in the banks.
Officials said the ONS balance sheet only takes into account the liabilities of state-owned banks like Northern Rock and not their assets.
Taxpayers would only pick up the bill if every single loan on the banks’ books went bad.
But the measures taken added an extra £4.7billion to net borrowing in 2008 and a further £3.3billion in the first three quarters of this year – mainly from the extra money the Government needed to finance its intervention.
In April, Chancellor Alistair Darling expected moves to prop up the banks would amount to a £50billion bill for the taxpayer.
He now expects to revise this figure down in his forthcoming Pre-Budget statement.
A Treasury spokesman said: “The Government’s interventions to support financial stability are temporary and exceptional and the liabilities of the banks who have been supported do not represent the long-term cost of these interventions to the taxpayer.
“In the Budget, the Government estimated the long-term cost would be between £20billion and £50billion and the top of this range was included in our fiscal projections.”
COMMENT:
QUICK EXAMPLE OF BROWN'S PRUDENCE
07.11.09, 11:41am
1) Brown sells of much of our gold reserves at boot sale prices.
2) Brown,over the last few years,gives India £2 BILLION in aid (whilst India spends £2 Billion on a nuclear submarine. Apart from that they have enough money to build and maintain a nuclear arsenal and send rockets to the moon,whilst our finest are getting killed for lack of funding)
3) India buys 200 tons of gold from the IMF.
The man is either trying to wreck the whole country,or is the most incompetent bloke the world has ever seen.
It must be one or the other
• Posted by: JackPershing • Report Comment
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