UK government inject £800 million into financial compensation scheme
It has been confirmed that the UK government are injecting £800 million pounds worth of taxpayers funding into the financial services compensation scheme which will see depositors with the fallen Icelandic bank Icesave able to reclaim of part of their lost funds through the scheme. While this has been hailed as a great move by the government in effect it is taxpayers cash paying off taxpayers yet again, something which the general public are starting to grow very wary of.
There is a concern that maybe the government have more to lose if there is a full scale investigation into the Icelandic collapse with rumours abound that the authorities in the UK were more aware of the situation than maybe first thought. The likes of Gordon Brown and Alistair Darling have been pulled into the argument with suggestions that maybe they were not totally honest with the UK public.
Many investors are also worried that it could literally take weeks if not months to reclaim part of their lost funds with many concerned that they will not be in receipt before Christmas. It has not been unclear exactly what and how much they can claim for but no doubt as ever the devil will be in the detail.
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