£1.3 trillion on bank bailout

UPDATE: in deference to Paul Walter (see comment below) this is the post formerly known as ‘£1.3 trillion we won’t see again’.

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I blogged before about the waste of £31M a day on the useless VAT cut.

Now here’s a piece on how much better the £1.3 trillion squandered by Gordon Brown on bailing out the banks could have been spent – 40 new hospitals, 500 new schools, and so it goes on.

Despite the bailout, the banks are still sacking staff, adding to the unemployment benefit bill and depressing the retail economy. Whereas investing in new infrastructure would create jobs, and give us the money to keep our shops afloat.

3 Comments »

  1. Paulwalter.blogspot.com

  2. bridgetfox said

    Paul – I’ve changed the title, as you have a point. But I still think the Lib Dem plan for stimulating the economy through sustainable infrastructure, the ‘green road to recovery’, is a better use of public funds than some of the spending in the bank bailout. And I write as the partner of someone who works in banking!

    With falling interest rates and bank profit warnings, I’m far from convinced we will get all that money back.

  3. Agreed on all those points, Bridget and thanks for modifying the title.

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