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8 October 2008

Massive bailout for banks announced by government

Yesterday, I said that the news for banks was going from bad to worse. Within 24 hours, suddenly, the government has had to step in and, in essence, part nationalise the major banks. The final bill for this bailout could be hundreds of billions of pounds.

This draconian move will cost all of us a very great deal for many years to come. There are vague promises about not tolerating the old style bonuses within banks but nothing concrete.

Full details of this fast moving story are on the usual websites such as the BBC.

Published and promoted by Bob Egerton, TR2 4RS