We are now in a position where the taxpayers of the UK own significant chunks of major banks. It is now in our financial interests for those part owned banks to succeed. In other words, if we let them go bust we lose a hell of a lot of our own money. So why not go the whole hog and take over the rest of those banks? I am not suggesting takeover of the whole banking sector – just the ones that we already own a major stake in. And the final but essential part – give shares with voting rights to every adult taxpayer resident in the UK.
The benefits would be fantastic:
1. Immediately there would be increased trust in those banks and we would all have a safe place to put our savings.
2. Increased deposits at our banks makes them stronger and that’s good because we own them.
3. We could all tell the bankers to shove their bonuses up their overpaid bottoms whilst handing them their P45s. We should do this anyway since they are pretty much bankrupt entities and whoever heard of an insolvent company paying millions in bonuses?
4. Other banks who had been reckless (i.e. most of them) should be left to go to the wall if they cannot cope. More business for our newly nationalised banks!
OK, it’s not really nationalisation but it’s what I’d like to see anyway. It’s our money and we should have more control and the ability to sell our shares to other people who might like to invest in the future of those banks. I’m sure there would be a market for them.