| Bank debt slavery (part 97856) 07:32 - Aug 29 with 990 views | BanksterDebtSlave |
https://www.theguardian.com/politics/2025/aug/29/treasury-tax-big-banks-quantita
“What started as a programme to boost the economy is now a massive drain on taxpayer money,” he said. “Public money is flowing straight into commercial banks’ coffers because of a flawed policy design. While families struggle with rising costs, the government is … [in effect] writing multibillion-pound cheques to bank shareholders.”
The emergency policy, first enacted in 2009 during the global financial crisis, involved buying up £895bn of bonds from the UK’s banks and, in exchange, crediting them with reserves at the Bank of England.
The Bank is now winding down QE – a process known as “quantitative tightening” (QT) – by selling the bonds at a rate of £100bn a year, but these sales are taking place at a loss.
In accordance with a promise from Alistair Darling, then chancellor, the Treasury bears the financial risks of QE, so these losses hit the government’s finances.
In addition, the higher Bank of England base rate, now set at 4% to combat above-target inflation, means the Bank is paying out higher interest rates on banks’ reserves than it is receiving on the bonds it holds. In total, these losses amount to a £22bn-a-year hit to the public finances, according to the IPPR.
Jung calls for the Treasury to tax the big banks on their QE-related reserves, saying the profits of the big four have more than doubled since before the Covid pandemic.'
...but stop the boats and fly the flag.....or something! |  |
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| Bank debt slavery (part 97856) on 13:03 - Aug 29 with 834 views | reusersfreekicks |
Pah that's nothing - an asylum seeker gets £9 a week FFS |  | | |
| Bank debt slavery (part 97856) on 13:27 - Aug 29 with 797 views | Bent_double |
Come on Bankster, I posted this almost 2 months ago.
(no idea how to post a link to a thread, sorry!)
Reply Govt deficit: what would you do?
at 16:24 8 Jul 2025
We could do this:
https://www.msn.com/en-gb/news/other/labour-could-find-the-money-it-wants-withou
Apparently it's costing us £40b a year to pay interest to commercial banks who bought government bonds during the QE of 15 years ago. Not sure how accurate it is, but how about we stop paying them, or pay them a reduced rate, savings £20-30b a year?  |  |
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| Bank debt slavery (part 97856) on 13:43 - Aug 29 with 743 views | mellowblue |
| Bank debt slavery (part 97856) on 13:27 - Aug 29 by Bent_double |
Come on Bankster, I posted this almost 2 months ago.
(no idea how to post a link to a thread, sorry!)
Reply Govt deficit: what would you do?
at 16:24 8 Jul 2025
We could do this:
https://www.msn.com/en-gb/news/other/labour-could-find-the-money-it-wants-withou
Apparently it's costing us £40b a year to pay interest to commercial banks who bought government bonds during the QE of 15 years ago. Not sure how accurate it is, but how about we stop paying them, or pay them a reduced rate, savings £20-30b a year? |
And when the government gets itself in financial trouble 2008/9 style again, which seems likely, will the banks bail them out in the future , if the current bonds are not fully paid back. as per legal agreement, I doubt it. It would be putting all future public borrowing at risk. Still I am sure those nice Chinese banks will help us out if we give them the Isle of Wight or Something as collateral. The mistake made was extending the QE scheme through the austerity years, rather than just use it for the 2008 banking/ liquidity problems, which was a specific event. Looked like too much free money to the governments of the day, which is now biting their butts, as was always likely. |  | | |
| Bank debt slavery (part 97856) on 14:01 - Aug 29 with 687 views | BanksterDebtSlave |
| Bank debt slavery (part 97856) on 13:43 - Aug 29 by mellowblue |
And when the government gets itself in financial trouble 2008/9 style again, which seems likely, will the banks bail them out in the future , if the current bonds are not fully paid back. as per legal agreement, I doubt it. It would be putting all future public borrowing at risk. Still I am sure those nice Chinese banks will help us out if we give them the Isle of Wight or Something as collateral. The mistake made was extending the QE scheme through the austerity years, rather than just use it for the 2008 banking/ liquidity problems, which was a specific event. Looked like too much free money to the governments of the day, which is now biting their butts, as was always likely. |
You seem to have that completely arse about tit!! You do realise it was tax payers that bailed out the banks don't you? | |
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| Bank debt slavery (part 97856) on 14:06 - Aug 29 with 659 views | J2BLUE |
She won't do that, she's too busy wondering what pot to raid next.
She needs to go. We need a grown up to deal with this economy. Don't ask me who but there must be someone more qualified than her. |  |
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| Bank debt slavery (part 97856) on 14:12 - Aug 29 with 631 views | CoachRob |
| Bank debt slavery (part 97856) on 14:01 - Aug 29 by BanksterDebtSlave |
You seem to have that completely arse about tit!! You do realise it was tax payers that bailed out the banks don't you? |
What has happened here? Bankster pushing the Thatcherite idea of "Taxpayer's Money", no it was public money created by the BoE on instruction from the government.
Have you become some extreme centrist trying to claim Monetarism is a valid description of government finance? |  | | |
| Bank debt slavery (part 97856) on 14:16 - Aug 29 with 616 views | BanksterDebtSlave |
| Bank debt slavery (part 97856) on 14:12 - Aug 29 by CoachRob |
What has happened here? Bankster pushing the Thatcherite idea of "Taxpayer's Money", no it was public money created by the BoE on instruction from the government.
Have you become some extreme centrist trying to claim Monetarism is a valid description of government finance? |
I didn't want to complicate matters in relation to the post I replied to but agreed it was public money (essentially underwritten by the gubberment/tax payers) | |
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| Bank debt slavery (part 97856) on 14:16 - Aug 29 with 615 views | J2BLUE |
| Bank debt slavery (part 97856) on 14:12 - Aug 29 by CoachRob |
What has happened here? Bankster pushing the Thatcherite idea of "Taxpayer's Money", no it was public money created by the BoE on instruction from the government.
Have you become some extreme centrist trying to claim Monetarism is a valid description of government finance? |
So if there is more money, what happens to the value of your savings?
Take your time. | |
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| Bank debt slavery (part 97856) on 14:17 - Aug 29 with 614 views | BanksterDebtSlave |
| Bank debt slavery (part 97856) on 14:06 - Aug 29 by J2BLUE |
She won't do that, she's too busy wondering what pot to raid next.
She needs to go. We need a grown up to deal with this economy. Don't ask me who but there must be someone more qualified than her. |
None of them will J2 our government is owned! | |
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| Bank debt slavery (part 97856) on 14:17 - Aug 29 with 615 views | blueasfook |
| Bank debt slavery (part 97856) on 14:06 - Aug 29 by J2BLUE |
She won't do that, she's too busy wondering what pot to raid next.
She needs to go. We need a grown up to deal with this economy. Don't ask me who but there must be someone more qualified than her. |
She should have been fired when her lies about her career history were exposed. Absolute fraud. |  |
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| Bank debt slavery (part 97856) on 22:50 - Aug 29 with 442 views | mellowblue |
| Bank debt slavery (part 97856) on 14:01 - Aug 29 by BanksterDebtSlave |
You seem to have that completely arse about tit!! You do realise it was tax payers that bailed out the banks don't you? |
you have a fair bit to learn concerning the mechanics of public borrowing. | | | |
| Bank debt slavery (part 97856) on 00:05 - Aug 30 with 379 views | BanksterDebtSlave |
| Bank debt slavery (part 97856) on 22:50 - Aug 29 by mellowblue |
you have a fair bit to learn concerning the mechanics of public borrowing. |
"And when the government gets itself in financial trouble 2008/9 style again, which seems likely, will the banks bail them out in the future...."
...so it was the government that got in financial trouble not the banks? | |
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| Bank debt slavery (part 97856) on 09:32 - Aug 30 with 222 views | mellowblue |
| Bank debt slavery (part 97856) on 00:05 - Aug 30 by BanksterDebtSlave |
"And when the government gets itself in financial trouble 2008/9 style again, which seems likely, will the banks bail them out in the future...."
...so it was the government that got in financial trouble not the banks? |
Yes, having to bail the banks out. The fault lay with the banking system for sure, allowing over-borrowing because of the sub-prime lending etc, which triggered a chain of events that became a banking crisis. Started in the US and a wave effect spread everywhere. Government did not have much choice other than to bail out the banks. I could have worded it better ! | | | |
| Bank debt slavery (part 97856) on 09:47 - Aug 30 with 206 views | WeWereZombies |
| Bank debt slavery (part 97856) on 09:32 - Aug 30 by mellowblue |
Yes, having to bail the banks out. The fault lay with the banking system for sure, allowing over-borrowing because of the sub-prime lending etc, which triggered a chain of events that became a banking crisis. Started in the US and a wave effect spread everywhere. Government did not have much choice other than to bail out the banks. I could have worded it better ! |
You could have - how about the global financial system started to sneeze around 2007, a lot of the dust coming from the home loans market in the United States and the way the banks bundled up good debt and bad debt. Late in 2008 quite a few nations started to develop a cold, in fact Spain, Cyprus and Ireland got something much closer to flu. Germany had a good health regime and stayed fit but then had to do extra work being nursie to them, and to Greece which had denied having flu (which was correct because it actually had pneumonia, but hardly noticed it because it always had some form of financial virus on the go.) Not that the United States was unaffected but George W. Bush dealt with things by turning socialist and nationalising some of Wall Street and hoped no one would notice...? |  |
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| Bank debt slavery (part 97856) on 10:11 - Aug 30 with 188 views | Radlett_blue |
| Bank debt slavery (part 97856) on 09:47 - Aug 30 by WeWereZombies |
You could have - how about the global financial system started to sneeze around 2007, a lot of the dust coming from the home loans market in the United States and the way the banks bundled up good debt and bad debt. Late in 2008 quite a few nations started to develop a cold, in fact Spain, Cyprus and Ireland got something much closer to flu. Germany had a good health regime and stayed fit but then had to do extra work being nursie to them, and to Greece which had denied having flu (which was correct because it actually had pneumonia, but hardly noticed it because it always had some form of financial virus on the go.) Not that the United States was unaffected but George W. Bush dealt with things by turning socialist and nationalising some of Wall Street and hoped no one would notice...? |
Although if the USA hadn't bailed out their banks, the whole global banking system would have collapsed, people would have lost their life savings, we would have had a depression worse than what happened in the 1930s & the whole capitalist system would have fallen apart. It actually wasn't very far away from happening & it would have been far worse than the 1930s because the financial system & world economies are so much more interlinked. [Post edited 30 Aug 10:15]
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| Bank debt slavery (part 97856) on 10:35 - Aug 30 with 151 views | WeWereZombies |
| Bank debt slavery (part 97856) on 10:11 - Aug 30 by Radlett_blue |
Although if the USA hadn't bailed out their banks, the whole global banking system would have collapsed, people would have lost their life savings, we would have had a depression worse than what happened in the 1930s & the whole capitalist system would have fallen apart. It actually wasn't very far away from happening & it would have been far worse than the 1930s because the financial system & world economies are so much more interlinked. [Post edited 30 Aug 10:15]
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I was going to continue the comic take along the lines of Gordon Brown as Superman but I had a read of this:
https://en.wikipedia.org/wiki/2008_financial_crisis
Blimey, it was a complete stramash, wasn't it ? | |
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| Bank debt slavery (part 97856) on 11:01 - Aug 30 with 124 views | mellowblue |
| Bank debt slavery (part 97856) on 09:47 - Aug 30 by WeWereZombies |
You could have - how about the global financial system started to sneeze around 2007, a lot of the dust coming from the home loans market in the United States and the way the banks bundled up good debt and bad debt. Late in 2008 quite a few nations started to develop a cold, in fact Spain, Cyprus and Ireland got something much closer to flu. Germany had a good health regime and stayed fit but then had to do extra work being nursie to them, and to Greece which had denied having flu (which was correct because it actually had pneumonia, but hardly noticed it because it always had some form of financial virus on the go.) Not that the United States was unaffected but George W. Bush dealt with things by turning socialist and nationalising some of Wall Street and hoped no one would notice...? |
Very concise. There's that old phrase, or something like. "When America sneezes the world gets pneumonia".
Something relevant to a football site, Iceland's financial sector was devastated. The Icelandic bankers that owned West Ham had to sell in a rush to Gold and Sullivan, no doubt it was a great deal for those wheeler dealer gents. | | | |
| Bank debt slavery (part 97856) on 11:06 - Aug 30 with 101 views | mellowblue |
Brown started as a prudent chancellor and ended a spendthrift pm. Poor Alistair Darling was charged with having to clean a lot of the mess up as best he could | | | |
| Bank debt slavery (part 97856) on 11:10 - Aug 30 with 90 views | WeWereZombies |
| Bank debt slavery (part 97856) on 11:01 - Aug 30 by mellowblue |
Very concise. There's that old phrase, or something like. "When America sneezes the world gets pneumonia".
Something relevant to a football site, Iceland's financial sector was devastated. The Icelandic bankers that owned West Ham had to sell in a rush to Gold and Sullivan, no doubt it was a great deal for those wheeler dealer gents. |
A sad indictment of the game that when all else fails porn and gambling step in to save the day, or is that football at its best rises above base instincts and gives us something unnameable and sublime ? | |
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| Bank debt slavery (part 97856) on 13:24 - Aug 30 with 28 views | OldFart71 |
| Bank debt slavery (part 97856) on 14:06 - Aug 29 by J2BLUE |
She won't do that, she's too busy wondering what pot to raid next.
She needs to go. We need a grown up to deal with this economy. Don't ask me who but there must be someone more qualified than her. |
If believed by those who have some financial savvy the answer is no. Reeves is already getting help for the upcoming budget which looks like "If it moves, breathes or is in anyone's pocket" they are after it.
Again, listening to those who are much more financially savvy than myself or Reeves come to that believe more taxing will create even more problems and I can see that because we are paying more tax now than since after the second WW.
Pubs, restaurants, Industry and shops are all struggling. Killing of small business will mean they don't grow into bigger business and million/billionaires aren't bothered because they just relocate to where they pay less tax and are more appreciated. | | | |
| Bank debt slavery (part 97856) on 13:47 - Aug 30 with 17 views | mellowblue |
| Bank debt slavery (part 97856) on 13:24 - Aug 30 by OldFart71 |
If believed by those who have some financial savvy the answer is no. Reeves is already getting help for the upcoming budget which looks like "If it moves, breathes or is in anyone's pocket" they are after it.
Again, listening to those who are much more financially savvy than myself or Reeves come to that believe more taxing will create even more problems and I can see that because we are paying more tax now than since after the second WW.
Pubs, restaurants, Industry and shops are all struggling. Killing of small business will mean they don't grow into bigger business and million/billionaires aren't bothered because they just relocate to where they pay less tax and are more appreciated. |
One significant battle going on is changing the VAT theshold for smaller traders, currently £90,000 . Reeves wants to raise the theshold to encourage growth, advisors want to reduce it to increase VAT take. Reducing it would be pretty disasterous for the smaller trader who can charge less to customers than bigger firms because they are VAT exempt. | | | |
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