The PCS union tries to tell us something truly amaaaazing:
As a result of the UK government’s
£1.3 trillion bailout to the financial
sector, the government still owns over
£850 billion in bank assets. This figure is
roughly equal to the total UK debt.
Excellent! Let\’s sell \’em!
Woohoo! a get out of jail free card!
Except, you know, just musing on the point, I\’m pretty sure that we don\’t in fact own such assets: at least, not unless we also have liabilities of a roughly equal amount to go with them. And I\’m not even sure of that. I have a feeling that we\’ve actually guaranteed such assets, not taken ownership of them.
So, err, sadly, what the PCS is telling us seems not to be true. And if they\’ve got that wrong then the rest of their report is likely to be similarly dodgy, isn\’t it?