"The taxpayer will be forced to underwrite up to £200 billion of bad banking debt under a government plan to take control of assets belonging to Britain's major high street lenders".
...That equates to about £33,000 per taxpayer. The total sum is equivalent to more than two-thirds of Britain's annual GDP of £1.4 trillion."
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As there is zero money in the kitty,how much money does Gordon plan to borrow or print ?
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British banks are 'technically insolvent'
Britains biggest banks are "technically insolvent", Royal Bank of Scotland said yesterday, as the global banking industry was rocked by another day of turmoil, including the announcement of $23bn (£16bn) of new losses from Merrill Lynch and Citigroup, the giant US institutions. Analysts working for RBS, one of several British banks to have received emergency funding from the UK Government last year, told the City that "the domestic UK banks are technically insolvent on a fully marked-to-market basis".(Independent)
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Darling wrong on recovery, Gieve warns
"Some independent economists are even more gloomy. One widely respected body will warn this weekend that it now expects negative growth in every quarter of this year, with the recession continuing into 2010."
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