Northern Rock ... how to turn £14 Billion into £19.3 Billion between April and "over the summer" .Treasury prestidigitation and legendary legerdermain
Summer is here and with it the rain and the Treasury Summer Supplementary Estimates today ..
"At the Budget the Treasury announced that the Bank of England loan facilities to Northern Rock would be replaced with direct Treasury funding during 2008-09 in line with restrictions on central bank financing of government undertakings set out in the Treaty Establishing the European Community. The Main Supply Estimates published in April included a sum of £14 billion, the amount of the outstanding loan facilities projected at the end of the 2008-09 financial year.
Since then, the date of transfer has been agreed by the parties involved and the Treasury will transfer the loan facilities over the summer, at which point the outstanding balance is projected to be £19.3 billion. This Supplementary Estimate updates the provision made in the Main Estimate and will enable the transfer of the Northern Rock loan from the Bank of England to the Treasury at the agreed time. "
Monbiot's Calculus at work ...think of a number ... make it bigger.
Talking of Barclays and their Black, Black Hole ...1st May CEO Paul Idzik announced he was leaving Barclays. " seeking new challenges" ....Nothing heard of him since. CEO of one of the biggest banks in the world wants "new challenges" - flying to the moon / Mars maybe ?
So he had spats with John Varley and Bob Diamond .. he was CEO for fucks sake.
Pic GG at the Gee Gees - Gemma Garrett MP elect for Haltemprice and Howden, is struggling to keep her slim beautiful, lissom, (dare we say nubile?) figure as she is off to a family celebration in Belfast to celebrate big sister Lisa's baptism..."Mum is going to lay on a very big spread for all the friends and family" says Gemma trying to dodge the summer rain.
GG says,"Lord Patel had better have some super speeches ready for me" see website