As Nick Robinson puts it
You must now be wondering what you'll get for your share of the £37bn. The chancellor's promising you, or at least your representative, a place on the board and no cash bonuses for those who are not the people's representatives, and what's more, freer flowing loans to small businesses and homeowners. Expect more demands to follow soon.
What will this mean.Well banks will be forced to respond to the needs of the market if you believe what the Chancellor says.Thus they will lend money responsibility and to areas in the economy that need it.
The £37b means that taxpayers will own about 60% of RBS and 40% of the merged Lloyds TSB and HBOS.Further more the Prime Minister has pledged to tackle the question of remuneration. Sir Fred Goodwin, and Sir Tom McKillop are stepping down from RBS and will be waiving their contractual entitlements to payoffs.
John Cruddas thinks that the government should go further
the government should halt the ongoing break-up of Royal Mail and its subsidiary Post Office Ltd and reconstruct them as key institutions in British economic, financial, banking and community life. With relative ease, the government could create a universal People's Bank, based on the Post Office and the Post Office card account with its 5 million cardholders. It could stop the proposed closure of 2,500 post offices and instead support them as trusted social, economic and sustainable centres of finance, communication and community cohesion. This great network could become the underpinning of local economic resilience.
But perhaps we can go further.Next on the list is surely Network Rail and the franchised train companies but what about the public utilities?Water,Gas and Electricity
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