Opinion of Adam
It was some time ago now that taxpayers bailed out numerous UK banks, gaining little to no control over what banks could use the funds for. The idea was to keep banks afloat thus saving thousands of jobs, but mainly so that banks could give out the type of credit that people needed to either stimulate the economy through purchases or keep their businesses going.
It would seem that what has actually happened is that our money has been put into the banks only to see some of them such as RBS have to divide into smaller banking units due to new EU legislation to create greater competition. This is likely to cost the taxpayer more money to create these changes, and the banks are still not giving the type of credit that is needed to help the economy start recovery.
So one really has to ask the question why are we helping the banks, and more importantly why don’t the government and taxpayers through extension have more control over demanding what the banks can use our money for. After all without it who knows where they would be.
Definitely without their large bonuses for failure I think!
Filed under: Off the record, bailouts, bank, bankers, banks, bonuses, economy, EU, Government, taxpayers, UK
