Posted by: Martin | February 11, 2011

Can you lend me 120 million quid? Pay you back tomorrow…

Have you noticed that the coalition ministers and MPs have been briefed to counter the anger against the cuts by explaining that the govenment has to pay £120 million Every Day in Interest Alone on the debt?

This is certainly madness, but I have one simple question: who are we paying this interest to? They must be seriously loaded! When you’ve googled the answer, you won’t be surprised to hear that Big Finance take most of the (unearned) income. Which is funny because about 85% of the debt is caused by…bailing out the banks.

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