RBS boast half year profits of £1.1 Billion while schools, hospitals and universities face closure

August 8, 2010

Not so very long ago the UK government gave the Royal Bank of Scotland (RBS) approx £45 billion from the public purse. £45 billion equates to over a quarter of the national deficit which is currently being used as an excuse for the most drastic and devastating round of public spending cuts since the second world war. Ultimately the proposed cuts threaten the welfare of  the poorest and most vulnerable people in the UK, but hey, as long as the bankers are secure then it was worth it, right?

£45 billion bought the UK public an 84% share in RBS, but the public will see none of the £1.1 billion half-year profits that RBS has recently announced (a tiny percentage of that profit would rebuild our local comprehensive school which burnt down last year, but now will not be rebuilt thanks to the cuts). The so called ‘bail out’ was simply a scam that ensured banking losses would be socialised, once the banks are back in the red – which is happening surprisingly quickly – the mechanisms are in place to ensure all profits will be privatised; the control of currency ensures that the rich get richer and the poor foot the bill – THIS IS THE TRUE NATURE OF GOVERNMENT.

On Sunday 3rd October there will be a ‘DAY OF RAGE’ outside the Tory party conference in Birmingham to protest against the cuts. Anyone who cares about the cuts and the ‘Great Banker Blag’ should get down to Brum to kick off a national militant campaign of resistance.

As for the banks maybe some latter-day Robin Hood will come along to save the day…


3 Responses to “RBS boast half year profits of £1.1 Billion while schools, hospitals and universities face closure”

  1. TomC said

    Yup a day in Brum for some fun and curry sounds good.

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