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.
About John Redwood
John Redwood has been the Member of Parliament for Wokingham since 1987. First attending Kent College, Canterbury, he graduated from Magdalen College, and has a DPhil from All Souls, Oxford. A businessman by background, he has been a director of NM Rothschild merchant bank and chairman of a quoted industrial PLC.
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5 Comments
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
I have just seen "Bremner Bird and Fortune" It purports to be a comedy show. It could have been Newsnight.
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.
Yes, it is always the taxpayer that looses the money! It is something that the future governments and the economists should address.
- David.
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Sofia.