Where has all the rescue package money gone?
Only a matter of weeks ago the UK government ploughed literally billions and billions of pounds into the financial sector, taking direct stakes in banking companies and increasing liquidity. On the proviso that consumers would benefit in some shape or form the release of this money was widely applauded at the time but many are asking exactly where has it gone?
So far the banks have refused steadfastly to reduce rates and assist both consumers and businesses while shoring up their own balance sheets using taxpayers money. This has caused a serious conflict of interest with the government, banks and UK taxpayers and one which the taxpayer is currently losing out upon. There had been an understanding that the money would be used to try and refloat the economy but for some reason this has not happened and there are concerns about exactly how the money is being used.
As the UK government moves its attention from the banks (who have promised to reduce mortgage rates) to the credit card companies there are some concerns that the banking business is not yet finished. Promises have come and gone in the past, deadlines have come and gone and nothing has happened to assist those in the UK suffering financial meltdown.
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