Douglas Carswell's Blog

Bailout basket cases

RBS has announced a half yearly loss of £1.5 Billion.

That's not what they implied was going to happen when billions of pounds of taxpayers money were thrown away propping up the bank. Back then we were told this was an "investment". Lucky taxpayers might even make a profit, we were told.

Of course it has never happened. And it never will.

One bank bailout begets another. State handouts only lead to demands for more handouts.

Even now, after the bail outs have failed to restore the banks to profitability, there are those demanding full blown nationalisation. Do that, and the losses and the state-subsidies will stretch ahead for years.

Since the bank bail outs, we have had dither, indecision, promises of half-baked Vickers reforms, and more losses for the taxpayer.

We should instead break up the banks, sell them off, and enact this simple bank reform. No more handouts. No more bailouts. It could all be done by the end of this year.

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