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PPI: UK government 'halves' aid package to banks

The UK government has halved the amount of finance it has issued to banks since the height of the financial crisis, according to official figures.

A report by the National Audit Office (NAO) has revealed that total guarantees, loans and equity injections from taxpayers reached £955 billion but has since dropped to £512 billion as of 1st December 2010.

"However, the amount of cash currently borrowed by the government to support UK banks has risen by seven billion pounds since December 2009 to a total of £124 billion," the report said.

"The Treasury will probably be paying for the support it has provided to UK banks for years to come."

The study claims that the government has been able to reduce the amount of money it issues to bank following the expiration of some banking support schemes and the lowering of deposit guarantees.

Furthermore, British banks have also begun paying back the debt they owed the state.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800294158-ADNFCR

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