Bankers took us to edge of bankruptcy

Great Albion Street


Councillor Baines would have us believe that only the Conservative Party ever did everything in the right and honest way.

Yet, did not Norman Lamont in 1992 take a wrong choice in keeping the pound at too high a level in the exchange rate which led to the pound being sold and then we had to buy back pounds in order that we did not see it fall, leading to imports being more costly and affecting our balance of payments. We lost billions of gold and foreign currency reserves in one 24-hour period in stabilising the pound.

This led to us having to sell assets like gas, electric and oil shares on to privatisation in order to balance the books.

The Bankers took us to the edge of bankruptcy by buying toxic assets in America with their money, which would be very slow to recoup anything like what was paid for them and would indeed take decades to show any return, leading to the Labour government having to bail them out by giving tax payers’ money to keep them from going into meltdown.

E Owens