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Brown shoots in national Poundland


In between the summer’s torrential rainfall and the sightings of imminent economic recovery (mainly spotted by employees of Goldman Sachs and the government) some other things have been visible.

  • The high street lending (hah!) banks continue to hoard cash from the government’s kindly not-too-many-questions-asked purchase of their dodgy financial assets. Some of the remaining independent institutions announce ‘encouraging’ profits while laying off staff. The semi-nationalised ones announce enormous losses and continue laying off staff.
  • The Bank of England has found it necessary to allow another massive invention of money (£50Bn) so that someone will continue to buy the ballooning UK national government debt (gilts). This is caused, in part, by our ongoing bail out of the banks.
  • And, unhappily, in the London surburb of Ealing, a Poundland has had to shut down, no doubt laying off staff too.

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