RBS sale demonstrates Osborne’s fiscal foolishness


George Osborne’s plan to sell off the Royal Bank of Scotland before the Treasury has recouped all the money it spent keeping that firm afloat is a perfect example of the silliness This Blog mentioned in an article earlier today.

The taxpayer bought an 80 per cent stake in RBS seven years ago – to the tune of a deficit-raising £45.2 billion. Now Gideon has announced that he intends to force the taxpayer to accept the loss of £7 billion while he gives the bank away to “major investors” for a song.

This demonstrates perfectly Osborne’s failure to understand that government operates like a large business, and that investments such as RBS create debts that must be recovered before any sale should be considered.

How will Osborne compensate for the £7 billion loss he is forcing on us? He’ll clamp down on payments to the poor. Meanwhile the rich will have gained a lucrative asset at a knockdown price and will go on to reap profits from it – profits that would reside more appropriately in the UK Treasury.

The poor will pay twice while the rich will take the cash.

It’s nothing less than an institutionalised con trick, with the taxpayer as the victim.

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  1. jeffrey davies June 12, 2015 at 2:56 pm - Reply

    correct its one big con

  2. Mr.Angry June 13, 2015 at 5:19 am - Reply

    You can be assured his shower will benefit from this ridiculous criminal act. This man should be sectioned he is a danger to society and the rest of Europe. You would think his wife would have a word with him telling him he is making a total fool of himself.

    For the life of me I just can’t get an angle on this man’s logic, heaven help us all.

  3. Rupert Mitchell (@rupert_rrl) June 13, 2015 at 11:42 am - Reply

    I begin to wonder if he has taken leave of his senses! Actually I think he knows exactly what he is doing which is paving the way for his mates to get even richer.

  4. Dave June 13, 2015 at 2:57 pm - Reply

    He understands exactly what it is he’s doing to the country! It’s all part of the plan to strip away all of the profitable assets and hand them to his wealthy mates who will in turn line his pockets substantially.

    The man needs to be locked up and all of his own, his family’s and associates wealth should be taken away and used towards compensating those most affected.

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