UPDATE: 26 February, 2015 -- Looking back we can only ask again where did all that money go? People are now starving and rely on 1,000 food banks. loosing their homes every 11 minutes;the refuge centres are being closed down because the councils'budget had been cut so drastically and people living on the street or even caves.
SO WHERE DID THAT MONEY GO?
UPDATE: 25 JANUARY 2013 --- Where did all that money go? It certainly did not show any improvement in the country or the economy or reduction in the deficit. On the contrary!!!!!
This is a revelation a real revelation. He told the Bank of England to release £140billion. This is pouring oil into the fire.
Last year he requested £70bilion and there was nothing to heard of afterwards. Now where did that money go? It supposed to be there to either boost small businesses or help starting them up. Just before the end of the year there were rumours that so many small businesses were not given a loan. However, we read every week of massive bonuses being handed out on top huge salaries even when the bank was making losses.
No matter how much the tax payers demanded to stop these bonuses it was never made. The glorious four on the top just kept avoiding the issue. Especially Mr Osborne has made a name for himself for vanishing when it got too close. He now received a nickname “Submarine” because of his constant diving.
Today we read in the papers that he gave the go-ahead of releasing £140billion and all for the same purpose. Now what made him think £140billion will do to the sinking economy what £70billion didn’t do last year? Furthermore, £140billlion will go the same way as the £70billion went. So there go the Fat Cats going to get the cream again.
There is still the picture of David Cameron in the opposition when Mr Brown announced he has to borrow at the time of the Credit Crunch and it wasn’t half as much as this Coalition keeps on borrowing. Mr Cameron first of all kept accusing Mr Brown of his failure which wasn’t his doing because the Credit Crunch spread from American across the World. Then he shouted and laughed into the man’s face that he has to borrow. Yes, now the show is on the other foot and a much bigger one, he keeps quiet. To me these are no principles even for a politician who are known for twisting and turning around.
Experts like Graeme Leach who is chief economist at the Institute of Directors, said: “Facing a bombardment from the Eurozone, the Chancellor and Governor are calling up the euro crises are not eager to borrow.”
The Export has shown a slum in April and so had the construction industry. Therefore, there is no way anybody increase a loan in those two markets which usual give an indication of economical growth.
Furthermore, due to the great austerity wages have slammed by 7 percent which again has an impact on the economy. It is the biggest drop in wages since the sixties.
Regarding the mortgage section it will also show a drop of demand because many people lost their home by repossessions and due to the low wages will not request a loan.
NOW WE ARE COMING BACK TO THE BIG QUESTION AGAIN. WHERE WILL THAT MONEY GO?
The Chancellor is lumbering the country constantly with more and more debt which the tax payer will have to bath out for decades. Yet, it is so obvious even to the man in the street that it will not be used for loans to increase production which means increase of job, encourage small businesses, construction industry because there is no demand for houses or starting up new businesses.
After the last £70billion being “poured into the economy” the UK experienced a double-tip recession in the first six months of this year. Since David Cameron was shouting about ‘Transparency’ in his election manifesto can we have some transparency on the £70billion?