Taxpayers lose more on bank shares

At friday’s closing prices taxpayers are losing more than £5 billion on the bank shares the government wishes to buy for us on borrowed money.
Lloyds renegotiated its bit of the deal when HBOS shares fell more than Lloyds. Isn’t it time to renegotiate to save the tapxayer some of these collosal losses?
Better still, why not discuss how the banks’ capital can be bolstered without us having to stand treat? Of course the government must stand behind these banks, and lend when needed to them. That does not require all this share buying.
I seem to remember they got gold wrong when they sold it.
So far they have got bank shares wrong.

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5 Comments

  1. steves
    Posted November 16, 2008 at 9:24 pm | Permalink

    good idea lets renegotiate the deal to zero tax thrown away, if i want to be exposed to the banking sector i will buy my own shares, at least that way i get the risk and reward not just the risk, an noone else needs to pay along with me

  2. John
    Posted November 16, 2008 at 10:17 pm | Permalink

    I have just seen "Bremner Bird and Fortune" It purports to be a comedy show. It could have been Newsnight.

  3. mikestallard
    Posted November 16, 2008 at 10:48 pm | Permalink

    In the book I am reading (Max Aitken' "Nemesis") it says that Chang Kai Chek could no more stop corruption than Stalin could stop terror or Hitler be nice to Jews.
    Mr Brown and his government have a built in attitude to our money: it's theirs. They can no more stop wasting it than an alcoholic can stop drinking. and, what is worse, they are not even near rehab either.
    The most encouraging thing is that the Telegraph today printed George Osborne (at last!) and (see above) Bremner, Bird and Fortune – lefties all (?) have noticed too.

  4. Webloyalty
    Posted November 18, 2008 at 1:24 pm | Permalink

    Yes, it is always the taxpayer that looses the money! It is something that the future governments and the economists should address.

    – David.

  5. Webloyalty
    Posted January 24, 2009 at 6:05 am | Permalink

    Hi,

    Thanks for these good post. I kept on nodding with the every word you say. Webloyalty rewards their clients and, in turn, their clients' customers for sticking with an e-commerce provider and giving them their valuable repeat business.

    Thanks
    Sofia.

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    John Redwood won a free place at Kent College, Canterbury, and graduated from Magdalen College Oxford. He is a Distinguished fellow of All Souls, Oxford. A businessman by background, he has set up an investment management business, was both executive and non executive chairman of a quoted industrial PLC, and chaired a manufacturing company with factories in Birmingham, Chicago, India and China. He is the MP for Wokingham, first elected in 1987.

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