HOOD ROBIN

It was announced last week that Labour are to nationalise the Royal Bank of Scotland, taking a 58% shareholding. This is following the failure of RBS to raise £15billion by selling new shares, which the government will now buy itself.

In addition, the government is buying £5billion of preference shares, bringing the total cost to £20billion. This is the same amount as Labour’s giveaway package announced recently for the whole country.

Labour is showering huge sums on the banks in the hope that they might extend credit to the wider economy, which they are not prepared to do. The Labour policy is a very costly failure.

Labour - Putting Bankers First

English Democrats - Putting England First