UK taxpayers have been sold down the river yet again. The government had announced today that they will bail out a large part of the banking sector for up to around £400billion. That means more deserving uses for public money will have to wait.
Why should taxpayers’ money be used to prop up what are essentially private businesses? Make no mistake, this disgraceful decision is politically motivated, and was carried out without any hint of public scrutiny. Our parliamentarians, who should be looking after the peoples’ interests, have once again failed in their duty to hold the Prime Minister Gordon Brown, and the Chancellor Alistair Darling, to account. They have been given a free rein to spend our money on their priorities….and public anger over this, apart from what has been written and said in the media, has been repeatedly ignored.
The banking sector has had it coming. They were living in their own little bubble for years, insulated from the rest of the country. Now that bubble has finally burst, and reality has set in with many financial institutions either going bankrupt or being swallowed up by their competitors. While this is happening, many ordinary people worry about whether their savings will be safe.
Our taxes, already high as it is, may have to rise even further, and public spending across the board would have to be slashed to pay for this bail out… and the money may never be paid back. Brown and Darling have tied themselves into a huge bind from which they may never wriggle free.