According to Sky News we are expected to be exiting the recession
Let's see:
GDP as of 2008: £1627Bn
6% of GDP (rough estimate in drop from recession): ~£100Bn
Increase in money supply by QE: ~£200Bn
Cost of bank bailouts: ~£120Bn in buying Labour heartland bank shares, increasing up to ~£850Bn in costs of insurance and providing liquidity to the banking industry wholesale.
therefore:
£100Bn - £200Bn -£120Bn = minus £220Bn that the taxpayer are online to pay for, with a fourfold increase in this liability once the banks admit the scale of their toxic assets.
And Gordo wants to celebrate?
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