Well said.

Would the banks bail us out?

Not a chance.

As for the BOE performance they must be taking the piss!

The 2008 financial crisis was led by the US and deregulation introduced by Labour.

Under Labour lenders were allowed to lend over 100% of the value in the UK.

The bail out ended up as an investment that returned a profit for the taxpayer.

Most of the commentary here is just ideology.

Responsibility Deficit Disorder is a medical condition. Symptoms include inability to be corrected when wrong, false sense of superiority, desire to share personal info no else cares about, general hubris. It's a medical issue rather than pure arrogance.

I remember taking the kids to the cinema to see one of the Gru films (the guy with the minions) -Gru goes to the "Bank of Evil" to fund the building of a rocket required to steal the moon, under the sign for Bank of Evil was a sign -
"Formerly Lehman Brothers" - absolutely cracked me up.

I worked in the Banking industry for over 40 years.

I wasn't in one of those jobs that pay the mega bonuses that the media like to comment on. But I worked with and knew people that were.

I don't begrudge those people. It's hire and fire and entirely results driven. Akin to being a football manager.

At another place in time, the decision to lift the cap could make sense. But it's certainly not now. Truss & Co have either totally ignored the needs of the people or just plain don't get it. Not sure which is worse !

Now the media are railing against the City Boys '' betting against UK PLC ''. Well, that's their job. To maximise profit for the organisation they work for. And lifting the bonus cap will just line their pockets even further. Still, it will trickle down won't it ( not ).

Going back to 2008, I was subjected to the chaos wrought by Freddie Goodwin. An out of control ego maniac enabled by a Board whose Chairman was a Chemist not a Banker ! Brown had no option but to bail RBS out otherwise the whole system was at high risk. Footage of Goodwin denying that RBS had any exposure to Sub Prime lending should have been enough on its own to land him in jail.

Edited by NEILLO (27 Sep 2022 10.04am)

Edited by NEILLO (27 Sep 2022 10.05am)

Old, Ungifted and White

Trickle down is theory not practice and a theory that appears to be advanced by the very people who profit from it.

If you want to grow the economy, pay the poor. They have a higher propensity to spend what little they have and in this country. And this will introduce more at the top of the poor to the housing ladder. But they do not save and what they bu is largely imported.

The wealthy will have more foreign holidays, if they are foreign are likely to send cash elsewhere and have footloose investments chasing the world's best rates i.e. money spent overseas. What they do buy, like houses, will become even pricier making the task of getting onto the ladder more difficult for those at the bottom of the chain. But they do save and they enrich the finance sector that props up the economy.

The major recipients are the richest percentile in London and the south east. Levelling up between the regions will reverse (if it even started). And the worst effected will be the poorer 90% masses of London and the south east who will have diminishing funds yet runaway costs inflated by the expanding wealth of the top 10% around them.