UK 拢50 billion quid for the banks and poor people to pay more tax?

Considering that in previous (recent) years banks have shown INCREDIBLE record HUGE profits, what are we supposed to make of it all? Do we expect the govt to bail us out when we default on mortgage / credit payments?

How do the UK people (in particular - those that were on the 10 pence tax rate) feel about this? You views if you please.

Hello,

(ANS) I think this whole entire things stinks to high heaven, frankly its appalling!!

No.1 Northern Rock should have been allowed to go under i.e. a bank going bankrupt.

No.2 Now the Tax payers of the entire UK are having to pay for Northern Rock and now ALL the other major UK banks due to the utter GREED of bankers for higher & higher profits.

PLEASE!! THIS IS JUST ADDING PETROL ONTO THE FIRE!! this wont solve the problem of the credit crunch.

No.3 Non of the Big four UK banks have really come clean on how many US bad mortgage deals they got involved in nor how big the losses are?

No.4 Both Gordon Brown & the new Chancellor are utterly out of their depth on this situation i.e. the credit crunch. Frankly, I think the government must be utterly P****ing themselves over this.

After all why? should the bank of england & UK tax payers increase the over draft limit to the banks (a nice extra 拢50 Billion) when they have exceeded there own limits in chase to make bigger profits. Oh! my heart bleeds for them NOT!!

No.5 No! the only reason that the Government & bank of England ha stumped up an extra 拢50 billion is because the UK economy would be 100% totally F**ed if they didn't. Thats the ONLY reason believe me. If the worst happens then the 拢 pound would worthless and money would be even more of a sick joke than it already is.

Ivan

The Americans have been doing what we are about to do, only they did not wait so long. Result, the NYSE is not looking nearly so bad as it was a few weeks back. The Americans have hacked interest rates to the bone. I think it's working.

Meanwhile, here in Merrie England, we've been sucking out thumbs and thinking about it. Now is time to act.

The Bank of England with it's massive funds will quite easily be able to kick start the economy and get things back on an even keel.

Banks are in business to make profits and there is nothing wrong with that.

England (UK?) has an economy based on the idea that it is not a sin to make money and get rich. This idea was firmly planted in America in 1607 by the first English settlers at Jamestown VA.

Just keep going and stop worrying. Things ain't as bad as they seem.

The 10% tax issue will just rumble on for a while and will probably just disappear somewhere into the long-grass. There's nothing much the Chancellor of the Exchequor can do about it right now - at least, not until the next Budget, which at the earliest will not be until November. In the meantime the UK.gov will have collected millions from the poor and needy and trodden upon their necks with their heavy boots.

It just makes me sick to think that a so-called Labour Government could even contemplate such an idea - the concept of taxing the poor is not part of Labour, at least it's now the way I was brought up.

The Labour Movement and the Co-operative Party is in business to help folk not hinder them. I think there are too many 'rich' MPs who have attached themselves to Labour when they should have joined the Tory Shark party.

Wait and see.

It is the Bank of England's job to manage liquidity in the sterling markets. Most of the time it is easy business as usual. Every now and then they have to be a bit more imaginative.

What they are doing is for the greater good of the UK economy, not for the banks.