And they try to blame Brexit for it... The decline will continue obviously...
https://www.independent.co.uk/news/uk/politics/britain-eu-brexit-david-miliband-b2524686.html
To my mind the biggest fail was giving the City of London a free pass in 2008. People don’t appreciate the damage as it'd been a slow drip.
Genuinely upsets me when I think about it too much. I loved it when Iceland sent their bankers to jail. england should’ve done the same, it might be in a better state now.
Hmmm i don't know about that free pass. What is it about?
@INPC probably talks about that nobody went to jail for the financial disaster that was created in 2008. When you don't get punished for failures there is no reason to change anything.
Exactly
Well you had a whole bunch of mini SBF types taking terrible bets on a bunch of terrible financial products.
It busted the whole economy, the BoE bailed them out, the government took RBS into public ownership and later sold at a loss) and rather than face any consequences, 6 months later they were paying themselves fat bonuses from the liquidity pumped into the system.
Correction. It wasn’t a free p[ass, it was a pass with benefits.
It seems largely forgotten, everyone rages about the government bailouts but not the behaviour that lead to it.
Thank you. That was informative 👍
