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Who wants £16?

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
Time to claim your divided UK people

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Don't think I would be confident enough to do that
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    We should be able to though. It's our effing money
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Whowhere wrote: »
    We should be able to though. It's our effing money

    By the same logic we should be able to withold our taxes, after all its our money...
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Whowhere wrote: »
    We should be able to though. It's our effing money

    Whose portrait and inscription is on that money of yours ?

    Don't forget to render unto Caesar that which is Caesar's. ;)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Thanks for not picking up the typo guys. Obviously I meant "dividend"

    *facepalm*
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    MoK wrote: »
    Thanks for not picking up the typo guys. Obviously I meant "dividend"

    *facepalm*

    It was all a hoax and the urban fox didn't steal your n after all.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    By the same logic we should be able to withold our taxes, after all its our money...

    The taxes are used to provide services that we all use. At the time they were used to shore up the banks to prevent them collapsing and taking the rest of the UK with them.

    Now the bank is back in the black I think it's about time they return the money they were lent. Don't forget that if you owed the bank money they'd have the bailiffs round, regardless of your ability to pay, why should we treat them differently.....?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    But you didn't lend them money - you were taxed and your taxes were used to take a share in the bank

    I would say the economic benefits we'll get from it are much greater than the benefits we get from certain other areas of spend
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    But you didn't lend them money - you were taxed and your taxes were used to take a share in the bank

    I would say the economic benefits we'll get from it are much greater than the benefits we get from certain other areas of spend
    Well that's the thing... Many of us fear we will get precisely zero benefits from it. Because this has 'yet another private business bailed out by the government when things are bad only to cream every last bit of profit for their shareholders when things are good again' written all over it.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Aladdin wrote: »
    Well that's the thing... Many of us fear we will get precisely zero benefits from it. Because this has 'yet another private business bailed out by the government when things are bad only to cream every last bit of profit for their shareholders when things are good again' written all over it.

    Well you fear wrong as I've already pointed out Government is ashareholder and is already making a paper profit. Now assuming that George Osborne doesn't personally pocket the £2bn or so profit by selling tomorrow we benefit by the Govt having the future ability to lower taxes and/or put money into public services that the state needs to provide.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    From a taxpayer POV we want the bank to make a profit. That makes it easier to sell the shares at a later date, for a profit to us.

    What we don't need is for the profit to be made on the basis of huge risk, like last time.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    But you didn't lend them money - you were taxed and your taxes were used to take a share in the bank

    I would say the economic benefits we'll get from it are much greater than the benefits we get from certain other areas of spend

    The government lent them my money. Money I had willingly parted with in my taxes because it will do some good. I didn't begrudge my tax going to the bank because it saved worse problems later on.

    The ban is now at a point where it is making a substantial profit. Now is the time to pay it back. I'm not expecting a rebate, I am expecting the bank to repay what it borrowed, in the same way a bank would expect us to repay what we borrowed.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    MoK wrote: »
    What we don't need is for the profit to be made on the basis of huge risk, like last time.

    Don't we? Isn't the major criticism of the banks there current unwillingness to lend to business? And the reason why they aren't lending is that it is too risky...
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Whowhere wrote: »
    The government lent them my money. Money I had willingly parted with in my taxes because it will do some good. I didn't begrudge my tax going to the bank because it saved worse problems later on.

    The ban is now at a point where it is making a substantial profit. Now is the time to pay it back. I'm not expecting a rebate, I am expecting the bank to repay what it borrowed, in the same way a bank would expect us to repay what we borrowed.

    The Government didn't lend them anything. It took equity in return for cash and set up an insurance scheme, which the banks are paying for.

    And it can't pay anything back because it didn't borrow...

    The Government will get money back from selling shares (and from dividend if we wait long enough). However, if it sells more than a fraction it'll drive the price down and it will also get more by waiting a couple of years for the share price to go up.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Don't we? Isn't the major criticism of the banks there current unwillingness to lend to business? And the reason why they aren't lending is that it is too risky...

    No we don't.

    It's one things to take some risks, which is what lending usually involves. But that doesn't mean that they have to be stupid like they were before. Sub Prime mortgages, lending 70 times the assets of the bank.... that sort of risk we don't need.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Whowhere wrote: »
    The government lent them my money. Money I had willingly parted with in my taxes because it will do some good. I didn't begrudge my tax going to the bank because it saved worse problems later on.

    The ban is now at a point where it is making a substantial profit. Now is the time to pay it back. I'm not expecting a rebate, I am expecting the bank to repay what it borrowed, in the same way a bank would expect us to repay what we borrowed.

    Which is exactly what's going to happen. Believe me, the banks want to end government involvement as much as you do. Furthermore, the government wants, I hope, to make a tidy profit on the banks, via their shareholding. So they have to balance the desire to let them stand on their own two feet, and making a nice profit.

    Furthermore, given market confidence isn't exactly booming at the moment, they must also consider what the consequences of selling 75% of the equity in a vast company at a single sitting. This could cause the share price to plummet again and we'd all be back where we started.

    So it's a careful balancing act, between support and making a whacking great profit.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Who exactly are the banks supposed to lend to right now when demand is plummeting unemployment is about to rocket and billions of pounds are being pulled from the economy?
    Lending to small businesses would be very risky right now.
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