Britain's PM Raids Dormant Bank Accounts to Create "The Big Society Bank"

Monday, July 19, 2010 , 1 Comments

 when said "big society" is dependent on "big government"
to survive, what is the difference?

Did he REALLY call it that?!

Bloomberg:
U.K. Prime Minister David Cameron will set out plans to take “hundreds of millions of pounds” from dormant bank accounts, while Business Secretary Vince Cable said lenders still “ripped off” customers.

In a speech later today, Cameron will say he is pressing ahead with plans to set up a “Big Society Bank” to finance his plan to have charitable groups and not-for-profit companies do jobs currently done by the government.

“These unclaimed assets, alongside the private sector investment that we will leverage, will mean that the Big Society Bank will make available hundreds of millions of pounds of new finance to some of our most dynamic social organizations,” Cameron will say, according to extracts released by his office.

The new U.K. coalition government elected in May is maintaining pressure on the financial services industry following the bailout of Royal Bank of Scotland Plc and Lloyds Banking Group by the previous leadership.
Meanwhile they're apparently taking up bank reform in the UK, and the banks don't appear to be liking it at the moment.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

1 comments:

elf2006real said...

Really? Nationalizing the banks? (in pieces).

You do know how they're going to "solve" the coming "crisis" in state pension funds, right?

They're going to have-- as an emergency measure of course-- those pensions rolled into T-Bills.

Then it will be nice and safe, just like social security.