Excellent move by the Labour govt. The banks make all the profits so why should the taxpayers cover all the losses?
Reposted from
Warren Oates
The Bank Resolution (Recapitalisation) Bill is having its 3rd reading in the Commons today (it has already passed the Lords).
The bill changes the way we handle banks in financial trouble. Instead of the tax payer bailing them out, a new fund, financed by banks, will be set up to cover costs.
The bill changes the way we handle banks in financial trouble. Instead of the tax payer bailing them out, a new fund, financed by banks, will be set up to cover costs.
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Quite pointed given this…