Monday, 2 November 2009

Santa Claus is coming to town

…in the shape of Alistair Darling and the town is the City of London.

Alistair Darling is going to give the banks an early Christmas present to the tune of £30bn of additional funding to see them through this difficult time of year. Bankers not knowing where their next magnum of Krug, holiday to the Maldives or deposit on a bolt hole in Cornwall will come from, can sleep restfully in the knowledge that the 28m other tax payers will be providing for them this yuletide.

It is obvious that Darling and Brown are clutching at straws and are desperate not to be the last major economy to be mired in recession, especially as we are now 6 months from deciding which UK party will have the right to implement Brussels' edicts for the next 5 years.
The Chancellor would be better off writing a cheque for £1000 for every taxpayer, which equates to roughly £30bn. That way we would either spend the money, in which case retailers benefit through increased sales, as does the government through VAT income; or we would save the money, in which case the banks get the money anyway.

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