Douglas Carswell's Blog

How did those bank bailouts work out?

Lloyds Bank announced today that they lost �3.5 billion.

Remember back in 2008 when �37 billion - more than the total raised from corporation tax - was used to bail out Lloyds and the rest?

These are investments, we were told. Far from losing us money, we should regard it as an asset, they said.

I even remember one clown of a journalist at the BBC suggesting that pouring all this "investment" into the banks would make the taxpayer a profit.

How did that idea turn out?

Just as nationalised industries in the 1950s and 60s were supposed to generate a profit, so too were the nationalised banks. Somehow they don't seem to.

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