• Privacy policy
  • T&C’s
  • FAQ
  • Meet the Team
  • About The London Economic
  • Advertise
TLE ONLINE SHOP!
NEWSLETTER
SUPPORT THE LONDON ECONOMIC
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Uncategorised

The banks have paid back the cash – so why is the government still imposing austerity?

The Government has recovered all but five per cent, £58 billion, of the £1.2 trillion bailout provided to the banks during the credit crunch and recession, but it is continuing to impose crippling austerity regardless. George Osborne introduced austerity policies during the Conservative’s first term in charge in response to the trillions of pounds paid […]

Jack Peat by Jack Peat
August 16, 2017
in Uncategorised

The Government has recovered all but five per cent, £58 billion, of the £1.2 trillion bailout provided to the banks during the credit crunch and recession, but it is continuing to impose crippling austerity regardless.

George Osborne introduced austerity policies during the Conservative’s first term in charge in response to the trillions of pounds paid out by the government to keep our banks solvent.

But after ten years of austerity imposed on the public most of that money has now been reclaimed by the government according to new National Audit ­Office figures, yet cuts continue to be imposed.

Public sector workers have been reported to be turning to payday loans to make ends meet after Theresa May narrowly defeated a bid to end the pay freeze in the House of Commons. Shocking figures from GMB show almost 2.5 million children are being hit by the pay cap, which has led to public sector workers missing out on £9,000 in wages since it was introduced in 2010, all at a time when inflation continues to soar.

The same union recently criticised a “double bite of austerity” rolled out by the government after a rise in the pension age to 68 was brought forward. Ironically, the announcement came in the same week as a new report from the Institute of Health Equity at University College London confirmed that life expectancy rises in England began to stall since 2010.

Hardly surprising given the “humanitarian crisis” the NHS is now facing. According to research by the Red Cross austerity is killing 30,000 people a year as cuts to social care leaving local authorities barely able to provide basic care to elderly people in the UK.

But why the suffering? According to the NAO the level of taxpayer support for the banking sector should have fallen since the peak of the credit crunch, and even if the government fails to recover all the money it will still reclaim the vast majority of it.

RelatedPosts

Sky Bet Boss Says UK Needs More Gambling Addiction Centres

The North American Income Trust – Reasons to be cheerful

Ecofin Global Utilities and Infrastructure – Staying nimble

On the Job Safety – 3 Considerations when setting up a Public Construction Site

As Des Cohen wrote in Open Democracy here, the main reason can be attributed to the basic mantra of the Tory government that inequality is good for economic growth and for the health of society, despite the clear evidence that this is untrue.

If the Tories were a party that stood up for the disabled, the sick, the single parents, the unemployed, the homeless, the increasing numbers in low paid and insecure employment, the poorly educated and inadequately trained then we might have a different scenario on our hands. As it is they still represent the rich and powerful.

Say hello to ten years more austerity.

RELATED 

10 years since the credit crunch, and it’s still the poor people’s fault

https://www.thelondoneconomic.com/tle-pick/two-reasons-why-this-is-the-face-of-the-nhs-crisis/17/01/

Tags: headline
Support fearless, free, investigative journalism Support fearless, free, investigative journalism Support fearless, free, investigative journalism
Please login to join discussion

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending fromTLE

  • All
  • trending

Stress, fear and homelessness: The threat looming over families confronted with eviction

File photo dated 07/11/03 of a prison cell.

The other prison pandemic

Credit;PA

Repressionomics: Get ready for the new permanent austerity

Latest from TLE

thunder ball results

Thunder Ball Results, Friday 15th January 2021

Euro Millions results Friday 15th January 2021

Minister blames human error and ‘defective code’ causing 150,000 police records to vanish

Credit;PA

Patients feel they cannot afford to miss work despite Covid fears, doctor says

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

Contact

Editorial enquiries, please contact: jack@thelondoneconomic.com

Commercial enquiries, please contact: advertise@thelondoneconomic.com

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Lifestyle
  • Food
  • Property
  • Travel
  • Tech & Auto
  • About The London Economic
  • Meet the Team
  • Privacy policy

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.