I missed this. It's brilliant: the entire New Labour financial strategy for 'modernising' the Welfare State up in smoke.
"The government has acquired a major stake in the Royal Bank of Scotland. There is something extraordinarily perverse about this. RBS Isa supplier to the Public Finance Initiative (PFI). This is also true of other banks that have been offered support by the government. We are now in the absurd position that the government, local authorities and health trusts are paying a hefty premium on their financing costs to transfer risks to banks that are under public control."
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