Banco Santander and the UK’s taxpayers £18 billion
November 21, 2008 by Ken
Filed under Uncategorized
Banco Santander and the UK’s taxpayers £18 billionWe were told by the government and the media that the deposits of
Bradford and Bingley along with their branches had been sold to Banco
Santander for a positive sum. This was never very likely, as deposits
are liabilities. You have to pay someone to take them away.Indeed, that is what has happened. The UK taxpayer is borrowing £18
billion to send £18 billion in cash to a Spanish bank to take the
deposits over.The secret £18 billion of taxpayer borrowing | John Redwood MP
