Posts Tagged economy

£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.

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RBS down: Brown out?

We look forward to Planet Obama tomorrow, but tonight’s news is depressing.

RBS, who have a big office at the Angel, have the dubious honour of a record share price collapse. There’s another bank bailout from Labour, evidence that the previous one failed; the only certainty is that we’re now underwriting the banks, not the other way round. To quote Robert Peston, “this is not a bank rescue plan. But if it had been, it would have failed miserably.”

Vince Cable is arguing for an honest approach: nationalise the banks openly, so we can share the profit as well as the pain.

And what does the PM have to say? Remember the dim groupie in This is Spinal Tap talking about ‘Dubly’ surround sound? She came in as the partner of the lead singer, then took over the band’s management with disastrous results.

Well tonight here’s Gordon Brown on the news blaming RBS’s share price collapse on their acquisition of ‘ANB Amro’? Reassuring, isn’t it….

With Labour’s poll ratings moving the same way as bank shares, no wonder the PM’s looking so glum.

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Guardian blog 21 November

My latest Guardian blog – on recession, RBS and responsibility – is now online.

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You’ve got to laugh…

Another brilliant show from Bremner, Bird and Fortune tonight.

In Silly Money, Rory Bremner and team destroy Labour’s claims to prudence, while making us laugh out loud. I particularly liked Alastair Darling in Dragon’s Den, negotiating ever worse deals for the taxpyer…

If you’ve missed Silly Money, you can catch up with it online for the next couple of weeks.

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Guardian blog 31 October

My latest Guardian blog – covering the economy, Mandelson, and a bit on transport (including pressing the case for the Battlebridge bridge) – is now online.

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Guardian blog 2 October

My latest Guardian blog – touching on the banking crisis, the Tories, and Heathrow – is now online.

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Liquid investment

Investment advice forwarded by a friend today:

If you had purchased £1,000 of Northern Rock shares one year ago it would now be worth £4.95.

With HBOS, earlier last week your £1,000 would have been worth £16.50.

£1,000 invested in XL Leisure would now be worth less than £5.

But if you bought £1,000 worth of beer one year ago, drank it all, then took the empty cans to an aluminium re-cycling plant, you would get £214.

So based on the above statistics the best current investment advice is to drink heavily and re-cycle.

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