A trillion pounds?

Discussion in 'Current Affairs, News and Analysis' started by Boris3098, Aug 21, 2010.

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  1. Boris3098

    Boris3098 LE

    Just saw Nick Clegg being questioned on the news.
    He claimed it had cost a Trillion pounds to bail out the Banks.
    Is this true?
    Surely not?
  2. llech

    llech LE

    Sounds about right, however it would've cost a lot more if they'd gone to 'Big Verne' for a loan!:)
  3. Boris3098

    Boris3098 LE

    I'd heard 20 billion but a trillion. Christ.
  4. Micawber

    Micawber LE

    So, trying to put that into some sort of perspective... a million is the roughly the number of seconds in 11 days, a billion is the number of seconds in 32 years, and a trillion is the number of seconds since neanderthals last walked the earth.

  5. Boris3098

    Boris3098 LE

    Or another way of poking at it.
    A trillion pounds is:
    A stack (one LAID on top of another) of ONE THOUSAND POUND NOTES; (Each note £1,000)
    67.9 miles high!
  6. Iolis

    Iolis LE

    Interestly, the banks will not come to the aid of the economy by lending again unless the government agree to underwrite the risk of doing so with taxpayers money. Its win-win for the banks whose first duty is to their shareholders rather than the public.
  7. BuckFelize

    BuckFelize LE

    Or the entire population of Leicester on £103 Jobseekers Allowance.
  8. stinker

    stinker LE

  9. Micawber

    Micawber LE

    I don't really understand what exactly is the National Debt?

    Is this all as a result of government simply spending more than it had coming in, or does it include what we had to pay to dig the banks out of their hole?

    I presume it doesn't, because as I understand it the cash was swapped for shares but the banks all seem to be doing OK at the moment so that money has not really gone away.

    Does it include personal debt, which is not quite what it seems, in that high personal debt is an indicator of financial success and only becomes a problem when it cannot be repaid?

    I dunno.
  10. The entire UK National Debt isn't a trillion pounds yet. I think the bank bailout ended up being a couple of hundred billion didn't it?
  11. Money that the UK Government has borrowed to cover expenditure that taxation won't cover. Nothing to do with personal debt.
  12. big_mac4824

    big_mac4824 Old-Salt

    but surely the money loaned to the banks is being repaid with interest? surel Labour could not have been that stupid,as to not make a gain from this? Once the banks right themselves and return to full status, will the goverment sell shares to the public or will the banks simply hand back what they owe to the national coffers?
  13. Micawber

    Micawber LE

    Well that is a bit of a miss and no mistake. Should it be in profit? Has that ever happened, or should there still be a debt, but just not that big?
  14. omegahunter

    omegahunter War Hero


    Rather good map, from Wikipedia, Showing public debt as a percentage of GDP.
  15. beardyProf

    beardyProf LE