UK Inflation Rate

ruperts

Thrugelmir wrote: »

The money wasn't provided "free". If the banking system had collapsed so would the UK economy. Blame Mr Brown for his light touch regulation policy and having his banker mates round at no 11 for dinner all the time.

Nearly a decade later how much have the banks 'paid back'? Practically nothing.

ruperts

A_Medium_Size_Jock wrote: »

Relevance?
Well the original post which you replied to from Conrad asked "Where was their concern just a few years ago when inflation was higher?"

Your response, "Everywhere. Ed Miliband ran an entire election campaign on a 'cost of living crisis' which was based on inflation being higher than wages" clearly demonstrates that there was not in fact much concern since the campaign you mention was not successful, was it?

Regardless of personal belief of who is or was right or wrong regarding political details, Conrad was correct in his statement.
Because certainly not enough of the populace were concerned as evidenced in the failure of the campaign you mentioned to qualify your "everywhere" response as above.

Well he got millions of votes so there's a good few people who evidently were concerned. Besides Miliband's campaign didn't fail because of anything to do with inflation, it failed because too few people felt he could be trusted.

thor

Thrugelmir wrote: »

The money wasn't provided "free". If the banking system had collapsed so would the UK economy. Blame Mr Brown for his light touch regulation policy and having his banker mates round at no 11 for dinner all the time.

Yes GB should have cracked down on the bankers more but it could have been even worse as I remember at the time the Tories were desperate to implement a no touch regulation for the financial industry.

michaels

ruperts wrote: »

Nearly a decade later how much have the banks 'paid back'? Practically nothing.

Really. I thought with the exception of rbs, almost all the money loaned to the banks, even the likes of Northern Rock, had been recovered. And of course all bnaks have contributed billions in the form of the banking levy....but don't let the facts get in the way of a good rant.

Thrugelmir

ruperts wrote: »

Nearly a decade later how much have the banks 'paid back'? Practically nothing.

By "paid back" what are you referring too?

wotsthat

michaels wrote: »

Really. I thought with the exception of rbs, almost all the money loaned to the banks, even the likes of Northern Rock, had been recovered. And of course all bnaks have contributed billions in the form of the banking levy....but don't let the facts get in the way of a good rant.

There was a cost to bailing out the banks.

If the banking crisis was a profitable exercise then I think Gordon Brown deserves more credit and you should consider voting Labour so they can get to work generating the next one.

sevenhills

michaels wrote: »

Really. I thought with the exception of rbs, almost all the money loaned to the banks, even the likes of Northern Rock, had been recovered. And of course all bnaks have contributed billions in the form of the banking levy....but don't let the facts get in the way of a good rant.

If you count the printing of money, for Quantitative Easing, they will be in profit; or has that been paid back?

Thrugelmir

sevenhills wrote: »

If you count the printing of money, for Quantitative Easing, they will be in profit; or has that been paid back?

What's the connection between QE and bank profitability?

antrobus

ruperts wrote: »

Nearly a decade later how much have the banks 'paid back'? Practically nothing.

No, the actual answer would be "practically everything".

See here.

Taxpayer support for UK banks: FAQs
https://www.nao.org.uk/highlights/taxpayer-support-for-uk-banks-faqs/

Click on the question 'Which banks received support from the UK government?' and you will see that 'peak support' for the banks was £1,116 bn; the amount outsanding at 31 March 2016 was £85 bn. It will be even less now.

Please check your facts before posting. Don't make things up.:)

Thrugelmir

thor wrote: »

Yes GB should have cracked down on the bankers more but it could have been even worse as I remember at the time the Tories were desperate to implement a no touch regulation for the financial industry.

You cannot summise on what may or may not have happened. The only fact that matters historically is that Brown got it wrong. Despite claims for prudence along with abolishing boom and bust. The UK economy was left in a dire state. The years of economic prosperity being a mirage. Fuelled by debt and low interest rates.