Pigs will fly before banks become fully nationalised

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A letter to The News recently asked us to stop bashing the banks. Quite right. It is the bankers who need a good bashing.

Last year’s bankers’ bonuses were worth around £7bn. That when the bankers still owe £90bn to the public following the taxpayer-led banking bailout.

But wait, the government intends to take ‘robust’ action. What an old pals stitch-up that turned out to be.

Wave Project Merlin’s magic wand and the bankers will lend more to small businesses.

Oh no they won’t. It’s up to the banks whether they lend or not, even though, in the case of Lloyds and RBS, it is our money they are lending.

Don’t take my word for it. Harken to Lib Dem peer Lord Oakeshott. He resigned as coalition front bench treasury spokesman in the Lords, calling the government’s action weak, waffly and mere aspiration with vast wriggle room.

As an erstwhile City banker, he should know. But what should we expect from Cameron and his billionaires?

Since he became Conservative leader in 2005, funding for the Tories from the City’s richest has reportedly risen four-fold to £11.4m a year.

And last year, we are told that over half the party’s donations came from London financiers.

Within spitting distance of the City, Barts Hospital is cutting 200 nurses as health workers take the hit for this bankers’ crisis, while down the road it is fill your boots time.

But it isn’t just the bowler-hatted mob that shoot a hole in the ludicrous ‘Big Society’ stunt.

As The News reported, at least two of our region’s council heads earn obscene sums. Portsmouth City Council’s chief executive, David Williams, is on at least £134, 705, while Hampshire chief executive Andrew Smith rakes in £207, 969 a year.

The only way to get money out of the hands of the speculators and into the productive economy is for the retail banks to be fully nationalised and for the government to shut down the centres for unregulated speculative banking and tax avoidance.

But for that we must first teach pigs to fly.