Saving Ass

The Guardian flags up an IMF report on how much of their GDP countries have spent on bailing out the banks .

It calculates that the UK has spent 19.8% of its GDP, topping the table of G20 countries.

The USA, where the investment bank Bear Stearns and the insurer AIG have both been rescued with public funds, has spent just 6.8% of its GDP. Only Norway has come close to the UK, spending 13.8%.”

And Gordon Brown still claims that Britain is uniquely well placed to weather the storm. The evidence is piling up that the reverse is true.