£1.5 TRILLION POUND DEBT : WHY IS NOBODY GOING TO JAIL?

The Office of National Statistics is predicting that the bailout of the banks could cost as mush as £1.5 trillion pounds (just like I knew it would).

Somebody must investigate this!

Somebody must go to jail under the Fraud Act 2006 Section 4, Fraud by Abuse of Position!

Just think of all the things that we could do with £1.5 trillion instead of paying off someones reckless and inconsiderate gambling debts.

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From http://www.guardian.co.uk/business/2009/feb/19/national-debt-lloyds-hbos


Bank bail-out 'could send national debt soaring by £1.5 trillion'

• 'Terrible' tax returns for January
• Government likely to miss borrowing target
• Public net debt hits record 47.8% of GDP - set to rise to 100%

Julia Kollewe
Thursday 19 February 2009 11.30 GMT

The government's rescue of some of Britain's biggest banks will push up the national debt by as much as £1.5 trillion, the Office for National Statistics announced this morning.

Alongside a grim assessment of the state of the public finances – which suggests Alistair Darling's borrowing forecasts are much too optimistic – the ONS said that Lloyds Banking Group and Royal Bank of Scotland should be treated as public companies, as they were now partly under the control of the state.

The ONS said it would take time to assess exactly how much damage its decision would do to public sector net debt, but estimated that it would push it up by £1tn-£1.5tn. The upper estimate is twice the current national debt, and equivalent to about 100% of GDP.