Bail out the people, not the banks.
The govt has spent almost £1.2 trillion in bank bailouts. That includes money given, money lent, underwriting and subsidies. If you divide that by the number of UK people of working age (approx 30 million), that equates to around 40 grand each.
Yes. £40,000 big ones. Each.
Now, I don’t know about you, but mortgages aside, I’m sure forty grand would go a long way to clearing most people’s debts with a little bit leftover for injecting back into the economy in the way of purchasing power.
Obviously, banks would still get a huge percentage of this money, because it would be used to pay down debt.
Unfortunately, the banks don’t really want you to be debt free as that would lose them billions in extortionate interest rates.
However, there is something to smile about for the banks, because those who do have money left over might even be tempted to put it back into the banks either as investments or savings. Just not triple-A rated derivatives, thank you very much.
Alternatively, we can keep giving it to the banks to use on big, fat, juicy bonuses.
If you like the thought of this universal windfall, I’d appreciate it if you could take a minute to sign my #ResetTheDebt petition:
Just pop your name and location in the box on the left hand side and share with as many people as possible. Thanks.