Sunday, 4 April 2010

The Bank takes sides

Frank Field MP
"The Bank of England has estimated the loss of output since the great crash. At the same time it has made its most explicit proposals yet on the future of our banking system. Andrew Haldane, the Bank's Director for Financial Stability, puts the loss of output from a bank generated recession at £7.4trn for the UK. He puts the hidden cost to taxpayers of implicit support to the big UK banks at more than £50bn. No wonder he has views on banking reform - or, as he might have put it, how can we stop these banks buggering us up again."

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