Friday, November 21, 2008

Feel free to copy, there is no copyright on an Anoneumouse montage. (click on image to enlarge)

Mind The Gap

The government argues that its net debt position is strong, with a net debt to annual GDP ratio at 42.9 percent. That statistic is a prime example of lies, damned lies and government statistics.

The 42.9 percent excludes the debt incurred through the PFI (private finance initiatives). This will be brought into the total soon. It also does not yet include the net debt of Northern Rock and Bradford and Bingley. It also excludes the debt of RBS, where the government owns a majority stake and the debt of Lloyds-TSB and HBOS, where the government has a controlling minority stake. Under normal accounting practices, the debt of all three banks will have to be counted as public debt in the future.

However, the Banking Times are reporting that the British Bankers’ Association (BBA) have said that banks have not yet received their injection of cash.

So, in the meantime, thats all right then!


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