Friday, November 23, 2007

Bill For Black Week

After a week in which all the wheels came off and the axles scrawped deep into the tarmac, what's the damage so far?

Black Week: Running Tab for Taxpayers

Item- The Crock.... c £40bn taxpayer exposure: prospective cost £4-8bn (for detail see this blog)

Item- Open access bank accounts.... prospective cost £200m- £20bn (see here and this blog)

Sub-total... £4.2bn- £28bn

£28bn is well over a grand for every household in Britain.


(And hope that the rumours about other shaky High Street banks aren't true).

PS Not the government's fault? NOT THE GOVERNMENT'S FAULT?!?!? They were the ones who set up the incompetent tripartite bank regulatory system, with an FSA that failed to understand the extraordinary risks being taken by Northern Rock, and which fumbled the ball when it came hurtling towards them in the summer. And they were the ones who destroyed the basic competence of HM tax collectors to implement even the most basic data security measures. Both of these disasters are unprecedented in modern times.

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