Labour would halt RBS privatisation – in return for investment

  This looks like Labour’s plan for a national investment bank, writ smaller. A Labour government would halt privatisation because it would not profit the state. This makes perfect sense – far more than the current Tory plan to sell to the rich at a loss for the poor. But the offer is only to delay continued privatisation of RBS – and only if the bank commits itself to lending money to the regions, and to small businesses. For This Writer, it is not enough. RBS played a large part…

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RBS shares go to hedge funds – quelle surprise

This Blog was saying hedge funds would be the main beneficiaries of George Osborne’s cheap and tacky share sale – how sad (in this instance) to have been proven right. Perhaps someone can remind us all of how well that worked in the case of the Royal Mail? The Guardian reports: “George Osborne has tried to justify a £1bn loss on the first sale of shares in Royal Bank of Scotland in the face of criticism from politicians and City analysts by saying it was the right thing to do…

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Government determined to lose money on RBS share sale

The total (expected) loss to the UK taxpayer from the sale of RBS will be £13 billion. Lucky for some, eh? Yes – lucky for those who are rich enough to be able to afford shares in this bank; shares valued at much less than they were when the taxpayer bought this bank as a loss-making firm, and shares that will be worth huge dividends each year, now that this bank is starting to make profits again. It isn’t the government that will make a loss on the sale, though…

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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.…

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Bankers who torpedoed the economy are set to get away with it after all

Here’s a word that should be in all our dictionaries but probably isn’t: ‘MAXWELLISATION’. It refers to a procedure in British governance where individuals who are due to be criticised in an official report are sent details in advance and permitted to respond before publication. The process takes its name from the late newspaper owner Robert Maxwell, who fell off a yacht after stealing the Mirror Group’s pension fund. Maxwellisation is how the irresponsible bankers who caused the economic recession, out of which some of us have just climbed according to…

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Osborne’s smack in the face for all victims of cuts

This is a reblog in all but name – Michael Meacher MP, writing on Left Futures, tells us that Gideon George Osborne is keen to re-privatise the Royal Bank of Scotland and Lloyds before the next general election – not to maximise the Treasury’s gain but to spite the Labour Party! In fact a sale at this time would result in a loss of £24 billion at current share prices. According to Mr Meacher, it seems the chancellor who forced £18 billion of cuts on benefits for Britain’s poorest, and…

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Does anyone remember those pesky banks? (Fixing the economy part three)

I was listening to Gideon George Osborne’s Autumn Statement the other day – and my word, don’t I wish I hadn’t! In between lapses of concentration due to boredom and bursts of sudden fury, depending which idiot pronouncement he was drooling, I had the odd lucid thought, one of which was this: The financial crisis was caused by bankers. Did anyone ever identify who they were? It’s a good question and one that I don’t believe has ever been answered. A cursory search reveals no list of British names on…

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Bankers’ payments could mean bonuses for burglars

Did Theresa May just declare open season on highly-paid bankers? I think she did. It’s very pleasant that Stephen Hester of the Royal Bank of Scotland has turned down his bonus of around £1 million, after the Labour Party called for a Parliamentary debate about the subject. But more bankers’ bonuses have yet to be declared, and could total hundreds of millions of pounds, if not billions. At the same time, Home Secretary Theresa May has announced pay cuts for the police. Big boost for the rich; big let-down for…

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Benefits v bonuses – everybody’s a loser!

As I type these words, this has been a day of defeat for the government. Its bid to cap benefits at £26,000 – forcing some families to face the prospect of losing their homes – has been defeated by the Lords, while in the Commons, MPs totally failed to cap the spectacularly high amounts paid to (for example) bankers. The link between the two is the average amount of pay earned by workers in the UK today. The government says this is £26,000, which Tory MP Margot James seems to…

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