http://news.bbc.co.uk/1/hi/business/7149405.stm
So our friends in the North have been bailed out again. The contingent liability the government now has is $100billion!!!
The bank & its senior management are a disgrace. The business model was fundamentally flawed. Now we have the government propping up their allies in Newcastle with billions of taxpayer's cash to save face with its fat, pie eating, dole loving geordie comrades.
The north east of England is fucked. It has levels of public sector spending as a % of GDP that would have made the old East German regime blush. My wife's family is from Newcastle & Co. Durham. Every single person I can think of in the family & friends we have in the north east works for the state. Either in schools, healthcare, councils, universities.
Dependence on the state screws any hope that the private wealth generating sector can pull the region out of its current malaise.
Sad state of affairs.
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