The Chancellor of the Exchequer and the Prime Minister are due to announce a second ‘bail-out’ of the part-nationalised banks this week. The Daily Telegraph has the story here.
The following quote is lifted from the Telegraph’s story.
The Chancellor has agreed to spend about £25 billion buying more shares in Royal Bank of Scotland and £5.5 billion on new shares in Lloyds Banking Group.
The men who will control (in theory) the spending of this public money are Sir David Cooksey and Robin Budenberg (link to pdf download.) Both work for UKFI (UK Financial Investments,) the holding organisation set up by the government after the first credit crunch of September 2008. The sole shareholder for UKFI is HM Treasury (ie.the government.) You can see which current bank debts and liabilities the government currently owns at UKFI’s site here.
The archive cartoon below is from the early part of 2009.
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