| Bank debt slavery (part 97856) 07:32 - Aug 29 with 537 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 383 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 345 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 292 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 236 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 207 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 180 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 165 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 164 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 163 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 164 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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