After losing us £24,000,000,000 last year, our very own RBS has managed to keep its losses down to a modest £850,000,000 in the first quarter of this year. Barclays made money for their shareholders.
You might have thought that after such whopping losses they had allowed for the kitchen sink and the basin plug. Apparently not. This is a Labour government bank, and like the rest of the government it carries on spending regardless of how much income is coming in.
We learn that LLoyds/HBOS is also likely to stay in loss this year, after HBOS’s losses of around £10,000,000,000 last year. At least these banks are consistent losers.
So what does that mean for everyone in the country? It means that these two monster banks lost every man woman and child more than £550 each last year, and will lose us some more this year.
They still dare to tell us every penny of this public money is well spent. If only they had listened. These banks could have been prevented from bankruptcy without any taxpayer loss, and could have been made to sort themselves out more quickly.
Why does the government tolerate these losses? Why aren’t the people in charge being sacked? Or if they have to stay, why don’t they at least get a big pay cut until their banks make some money for us? I bet that would concentrate their minds.