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Friday, December 04, 2009

£850BN Justified

The National Audit Office (NAO) report that the cost of bailing out the banks has so far cost us £850BN. However, the final true cost will not be known for many years.

The NAO state that the bailout was "justified", as there have been no "disorderly failures". However, the NAO then goes on to qualify the report by noting that:

"There is no single measure of success, but a range of indicators have since stabilised and improved."

So that's alright then!

Meanwhile, kudos to Barclays Capital for showing how ridiculous any government cap on bonuses will be. Barclays Capital intend to award certain staff a backdated payrise of up to 150%, thus mopping up the bonus pool.

Labour governments never seem to learn how powerless and impotent they are, when it comes to trying to impose pay policies.

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