“The Treasury has extended financial guarantees to Northern Rock at the request of the troubled lender….. This technically takes the gross exposure of the taxpayer to more than £100bn, the BBC’s business editor said.” BBC
£100,000,000,000 is £1,666.66 for every man, woman and child in the country.
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Can I just have the cash please? I didn’t want to spend it on a bank! *Wail…*
NHS projected budget 2007-2008 is £92Bn.
The actual liability (net of assets) is more like £5-10bn .. so more like £75-150 each.
It’s still more money that I want to stump up!
The actual liability is unknown.
It depends how good the security is.
The IMF has suggested that UK house prices are 40% overvalued and the higher quality slice of NRs mortgage book has already been securitised.
The rest is likely to be high percentage loans and less sound borrowers. These could look pretty sick if house prices fall at all.
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After 20+ years of home educating my four children (two now adults), I’ve gathered a wealth of experience that I’m passionate about sharing. Beyond blogging and guest writing, I offer several services designed to support families on their home education journey.
I’ve put together a collection of resources that I’ve genuinely found useful over the years—things that have actually made a difference in our home education. Whether you’re just starting out or looking to freshen things up, there’s something here to help. These are the tools, guides, and materials I’d recommend to a friend, because they work.
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