Ten mind-boggling statistics from the credit crunch
As we come to the end of 2008, here are 10 mind-boggling stats about the crunch that Times Online has put out there. Some of these stats are pretty disturbing. For example:
1. £500,000,000,000...or around £8,000 each. £500 billion is a conservative estimate of what taxpayers, you and me included, are paying for Gordon Brown's plan to bail out the UK banking system. The three-part package includes committing up to £50 billion of taxpayer funds for a part-nationalisation of Lloyds TSB, HBOS and Royal Bank of Scotland (RBS), which is now 57 per cent owned by you and me.
2. £20,000,000,000...This is the amount of taxpayer cash that has gone into the coffers of the Royal Bank of Scotland, a bank which was the pride of Scotland until the suffix "troubled" was permanently attached to its name. This is the equivilent of £333 each. You have Sir Fred Goodwin, the former chief executive of the much-maligned firm, to thank for this. Royal Bank of Scotland made £7.5 billion in net profits in 2007, the year before the banking bubble popped. Last month Tom McKillop, chairman of RBS, apologised for the right royal mess the firm was in.
3. £1,800,000,000,000... £1.8 trillion is the cost to the global economy of the credit crunch. Such a vast number is difficult to grasp, but in the same report, the Bank of England valued the UK economy, the fifth biggest in the world, at £7 trillion. So it has so far cost about a quarter of the value of our entire economy.
You can read the rest of the stats on Times Online. What's so wrong about this is that on these same city streets that banks and city companies call their headquarters are homeless kids sleeping rough through these winter nights, and while of course some of these institutions give money to the homeless, personal donors have declined and charities like Centrepoint are struggling through the holidays...