The UK Bailout - who pays?

As the BBC is reporting, the Government has unveiled a £50bn rescue package for the banks.

John McDonnell MP, LEAP Chair, said:

"Yet again the taxpayer is being asked to pay for the mistakes of the bankers with next nothing in return. The Governments set to throw £50 billion of taxpayers' money at the banking sector's failures. I believe that the Government should nationalise to stabilise the banks. At a minimum the Government must place conditions on any bail out including

1) Full public and parliamentary scrutiny of the banks' accounts
2) Representation on the boards
3) No repossession of homes
4) A pay cap for bank directors and the end of bonus binges
5) Reduction of consumer interest rates on borrowing

"Without these conditions, the bail out is nothing but a subsidy by the taxpayer to the very people who have brought our economy to the brink of collapse."

View John McDonnell's letter in today's Guardian, plugging the People's Programme.

Come and debate the crisis at the LEAP Rally - Who Pays for the Credit Crunch? on Monday 13th October.

For more expert analysis see Richard Murphy's blog and the A World to Win blog.