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Showing posts from December 20, 2015

Can You Bank on The Banks?

Dear Reader,

At a time of important festivities, my diary entry for this week is not going to be long.

But because it's not long it doesn't mean to say that it's not something I feel strongly about: I do. It's about the UK banks.

This week the news emerged that the banks have been avoiding the payment of their taxes. We also learnt recently that our financial wizard George Osborne has been getting friendly with the banks. Is his friendliness a roundabout way of trying to get the banks to pay their share? But, the banks being the banks, they will not play ball unless there's something in it for them.

After all, Gordon Brown's quantitive easing (printing money) policy did not nothing but effectively give money to the banks to bolster their balance sheets as they refused to play ball by making that money available to the community. They got free money, and now they avoid paying their share of taxes, we hear. And it is the banking system that created the financial melt…