Who will pay for the additional £50 billion in quantitative easing?
As the UK government and the Bank of England calmly rolls out an announcement that the quantitative easing program will be increased by £50 billion, many taxpayers are now asking who will ultimately pay for this investment. However, the vast majority of taxpayers already know the answer because ultimately it will be UK taxpayers who pay yet again.
As we see more and more UK banks announcing a return to profitability and multi-million pound bonuses for banking staff, it is the UK taxpayer who is left to foot the bill yet again as the quantitative easing program is increased from £125 billion to a massive £175 billion. UK national debt is now well over £1 trillion, Northern Rock is lending more money rather than paying back its debt to taxpayers although there has been a positive move in the value of stakes in Royal Bank of Scotland and Lloyds bank over the last couple of days.
All in all, it has to be said that UK taxpayers have so far received a "bum deal" with regards to the bailout of the banking sector and the ever increasing national debt. Higher income tax, more direct taxes, more indirect taxes and basically a high cost of living are inevitable in the UK over the next decade.
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