Corbyn to borrow £58 billion to repay WASPI woman.

That's why everyone was queuing up to get their money out of Northern Rock. Bank failure means no money for its depositors, grannyp. I don't think the smug tories who keep banging on about Labour 'bankruptingl the country in 2008 realise how close some of them came to being penniless.

What I find particularly galling is that Matthew Ridley, who presided over the Northern Rock debacle suffered no consequences. (He's now a prominent Brexiteer. Which tells me something about the financial nous of Brexiteers...)

The money was given to the banks in order to prevent their failure. The failure of banks is dealt with in many of the 19thC novels. If banks crash people lose their money, possibly their businesses or their jobs which leads to them not being able to pay their mortgages, or their rents and losing their savings.

Yes, QE doesn't come from taxes - I was wrong there too. But if money is going to be effectively printed, why was it given to the banks and not to public services? Do the banks need it? If so why?

We had £300,000 from the sale of our house sitting in Northern Rock at the time of the banking collapse. I thought it would be OK because the banks would not be allowed to fail but my OH was worried silly. I remember early on the Saturday morning trying to get online without success and seeing the queues outside NR offices. We were trying to think what was the best thing to do and I tried one more time, just before 8.00am and managed to get onto the site and transfer the money.

I do agree with Granny Pauline that the bankers responsible should have been prosecuted.

Also agree with MaizieD - the crash in 2008 was not Labour's fault but it provided an excuse for the Tories to introduce austerity.

QE wasn't 'our taxes', grannypauline, it was completely new money issued by the Bank Of England.

And the government 'bought' 2 banks, RBS and Lloyds, which the tories eventually sold back into the private sector at a loss...

If the government hadn't rescued the banks 'ordinary' people who had accounts with them would have lost their money. I don't think that people understand just what the implications of that would have been. Millions of citizens suddenly having no money.

Of course, prosecuting bankers would have been a good idea, but I think Iceland was the only country that had the nerve to do it.

As it is, Labour have been completely unfairly castigated for the last decade for averting financial disaster for the UK...

You are quite right Maize, Labour did use £200 billion to "save the banks". The other £300 billion came from the Tories. Neither were sensible policy decisions as the debts incurred led many MPs on both sides to support "austerity" - the means by which the poor were made to pay for the greed of the bankers,

They should have nationalised the banks in order to keep them in control both as regards regulating them and also controlling CEO pay and bonuses. Branches could then be reopened in towns which have lost banks.

Iceland was badly hit in 2008 and they didn't bail out the banks but instead have gaoled 26 bankers. UK bankers were allowed to carry on as though nothing had happened - with increasing pay and bonuses of course. And then they were handed the "quantitative easing" billions - our taxes - which should have gone to the NHS, schools, WASPIs etc.

In the interests of truth, grannypauline it was Labour in 2007/8 who issued £200billion+ of QE to keep the banks afloat in the Global Financial Crisis. If they hadn't then most people in the uk with a bank account would have lost their money as the banks went bust.

Unfortunately, instead of the money being invested in the real economy and so lifting the UK out of the depression caused by the GFC, it was mostly used to inflate bond prices... Labour did the right thing to save the banks but trusting the banks to use it wisely was really stupid of them.

The UK is a rich country, but:

If you include quantitative easing (which mostly ended in property speculation, to the detriment of young house seekers) the Tories have given the banks £500 billion.

Replacing Trident is estimated to cost £200 billion.

This is an awful lot of money which provides the already-rich with huge profits. None of it is even trickling down to the needy parts of the economy!

Lilyflower mcdonnell has been very clear that it's not means tested and no benefits will be affected

Cupafull Why should we not hVe our stolen money back. From your comment I take it you are nowhere near retirement age.

Quizqueen A bit condesending if I may say so. And you are factually incorrect. The majority of the ladies (including myself) did not receive any notice of a six year increase. How old are you now. Are you actually 1950s born.? And are you seriously voting for the party that increased your SPA.. ????

EllanVannin. Waspi do not get 200.00 WFA. So what are you talking about?

Janiel123 Waspi have been working on this for nearly 2 years with Labour. Its on page 75 of the manifesto. Its not just a quick vote grabbing thought. If you want your stolen pension back then get out & vote labour. Complasioncy won't get it back for you. X

I dispair at some of the comments on here. Firstly anyone who is receiving pension credit through their husband will not be effected. Mcdonnell has been very clear on that. No benefits will be affected in any. Way. Labour will pay us the money. Its on page 75 of the manifesto. Some will come from contingency budget and the rest will be borrowed. The Tories GAVE the banks 138 bn of our money in QE.. The 58bn for us is just over 4yrs worth of foreign aid which is 14bn a Yr. So what if the young generations have to pay. We paid for our parents pensions plus the debts of 2 World War s. Amongst other things. I was born in 1956 and out working full time at 15. Paid in for nearly 50 years now. 46,000 stolen from me & I want it back. I'm certainly not voting Tory the GOV that's inflicted austerity on this nation & starved our public services. Not to mention that they are the ones that stole our pensions in the first place. How mad is that. I don't like corbyn, but unlike some I'm not brainwashed by Tory Rhetoric. If labour's good enough for my lawyer, they are good enough to have my vote this time. ?

Travelsafar You are wrong. If anyone is in receipt of Pension Credit then the repayment will not effect it. Mcdonnell made this very clear. Its not means tested.

GillT57 what people are missing is that the 58bn is only just over 4 yrs of foreign aid. Its our money. All this oh the younger generation will be paying for it... Is straw man argument. We had 2 WORLD WAR on our backs.

So you are going to vote for the party that stole your pension from you in the first place. ???

Putting the 58bn in to perspective. Did you realise that foreign aid is 14bn a year. That means that 58bn is only just over 4yrs worth of foreign aid.

Sorry reining!

Dyffryn I only know about the Netherlands as I lived there for 18 years but they do not have a left wing government. They have what is termed as a purple coalition. Mainly right VVD but with left wing PVDa. The coalitions there do very well reigning each other in but they have proportional representation.

Einstein once said...

Insanity is doing the same thing over and over and expecting a different result.

If you’re frustrated with politics and voting Conservative in 2019...

Then on what basis expecting the next 5 years will be any different from the last 9 years?

www.nytimes.com/2019/12/07/opinion/sunday/finland-socialism-capitalism.html?fbclid=IwAR1OvbExnYAR3hfG3EpEsx6Or46IjTywK8ONcE0Fzxip-6AILpWOiAglop0

A list of countries whose economies are as left-wing as the UK's would be under Corbyn:

Sweden
Norway
Denmark
Finland
The Netherlands
Portugal
New Zealand

These countries are doing fine. In fact, they have among the world's highest living standards. Don't let the MSM scare you!

growstuff That information is on Page 48 of the Tory manifesto if anyone wants to check for themselves. They have not been asked about it in one interview or debate.

maddyone, I wouldn't want to attack anyone for their views. I'm just amazed that some people can see Boris as an appropriate leader!