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.