The difficulty for politicians is that every public statement they make in the House of Commons is recorded, every new policy they introduce can be scrutinised and every lie they tell will eventually be exposed.
In 2008 the global financial crisis (GFC) began on Wall Street in America and generated a near catastrophe for the world banks. Governments across the globe were required to inject emergency funding to prevent bankruptcy of both the banks and the nations responding to the financial crisis.
That was the explanation given to the British public when the New Labour government initially injected £37 billion of taxpayers’ cash into British banks in October 2008. Originally discussed in a Department for Work and Pensions (DWP) green paper in 2006, the GFC was used to justify the introduction of welfare reforms in 2008 as used to limit disability benefit funding for chronically sick and disabled people.
By December 2009, government financial support for Britain’s banks had reached £850 billion, with the eventual cost to taxpayers unknown for years to come according to the National Audit Office (NAO), who are the public spending watchdog.
This vast amount of money included £107 million paid to City advisers who were required to support the government with the rescue package following the GFC; and the banks still presumed to offer bonuses to their remaining shareholders when their largest shareholder was, in fact, the British government and the British taxpayers who fund the government.