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Shares for Votes?

February 21, 2010

I know, there have been a few Cameron/Osborne focused blog entries in here recently. You can’t blame me, they have announced some real stinkers.

Today, we have the final nail in the coffin. Maybe not the final nail. It’s a big one though.

You remember the £850billion, we gave to banks? The £850billion that the public purse is missing? Hence, the proposed massive cuts, across the board?

The Tories don’t think we need it back. They want it sold off, as shares, into private hands. While they are cutting the public services, that we can’t pay for, because we don’t have this money. When the only remaining chance, of this bail out not permanently crippling us- is that it is actually likely to return to the public pot, at somewhere near the value it was lent at. He wants to sell it off, while it is cheap, as a ‘reward for the british people’- I presume, he means the British people who can afford to, and are willing to buy these shares?

Oh well, as long as the shares are in private ownership, the money will remain in bank coffers. Which means the money that doesn’t come back to our public purse, still manages to protect their bond deposit base. In fact, if the British taxpayer buy the debt that banks owe us, the banks don’t have to bother paying it back.

‘We want a people’s bank bonus for the people’s money that was put into these organisations‘  Osborne says. It’s a bit much, offering up money that is desperately needed in the public purse, as a ‘bonanza’, and selling a Tory vote as an opportunity to cash in on, and profit from Britains economic problems. Still, if thats what it takes, to get the taxpayers to pay off the banks debt..again.

I personally would rather the money was repaid, and come back into the public purse, at a similar value to when it left, you know- tackle that deficit?

Compassionate Conservatives. Building a future for those who can afford it. And definitely not like Thatcher(Don’t tell Sid!).

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3 comments

  1. Social comments and analytics for this post…

    This post was mentioned on Twitter by slummymummy1: https://deeplyflawedbuttrying.wordpress.com/2010/02/21/new-tory-economic-policy/ Blog Post!…


  2. Am I missing something here? Surely if the state owned shares were sold the money paid would go back to the public purse.


  3. No-because the shares are sold off at their cheapest(currently valued at a third of what they could be), while we are in midst of recession. So return to taxpayer is minimal, while debt is never repayed by banks-just transferred to shareholders, and once that transaction has finished- it can’t be undone.
    So that is money that forever remains outside public purse, but continues to protect banks bond/deposit base.
    In addition, it fractures the stake which is held by sheer size of investment we made, into millions of tiny pieces, so that any power it carried- is taken away from bank boardroom.

    Only people who benefit from this, are the people who pick up cheap shares, and the banks.



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