Loans and Finance

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Wednesday, October 21, 2009

The Governor of the Bank of England, Mervyn King, has lambasted Britain's banks and described the £1TN government support given to them as "breathtaking".

King, who warned that the British people would be paying for the bankers' folly for a generation, went on to call for the banks to be broken up.

"To paraphrase a great wartime leader, never in the field of financial endeavour has so much money been owed by so few to so many. And, one might add, so far with little real reform. "

By coincidence the Office for National Statistics reported a record deficit of £77BN for the first six months of the fiscal year.

Total net debt rose to £824.8BN at the end of September, 59% of GDP.

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