Bailout of UK Banks Reaches £850 Billion — Ultimate Cost to Taxpayers Unknown
December 4, 2009 — “Government support for Britain’s
banks has reached a staggering £850bn and the eventual
cost to taxpayers will not be known for years, the
National Audit Office said today,” reports Andrew Grice,
political editor for The Independent (UK).
“In its report, the public spending watchdog ruled that the ‘unprecedented” £850bn of support for the banks was ‘justified’ to head off the potential damage of one or more of them going bust, and preserving people’s savings and confidence in the financial system.”
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