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Re: Fury as City minister Lord Myners describes £130bn bank bailout as 'nice little n
Shadow chief Treasury secretary Philip Hammond said: "Hopefully we are beginning to see the end of the recession, but nobody should imagine that we are out of the woods yet; and Lord Myners' comments this morning smack of a dangerous complacency creeping into Government thinking.
"Clearly it suits Labour as we move towards the General Election to try to put the best possible gloss on the potential cost to the taxpayer of billions of pounds of taxpayers' money spent saving the banks."
I don't think it does, the difficulty at the moment is that I think that the government is waiting for the share price to rise to probably 70p perhaps to ensure that the government make a profit from their investment. It is common sense that they cannot dump 70% share of the business on the stock market because it would saturate the market but some easing of that could be done with a cushion of 70p at say 5% or 10% of their shares since it would not put at risk HMT's stake in the bank.
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