Today the Bank of England revealed that it lent RBS and HBOS £61.6bn, in an attempt to rescue the banks, last autumn. The move was rightly done in order to "prevent a loss of confidence spreading through the financial system."
The country has been treated like little children. The shocking truth has been kept from us for so long.
However, these measures must be seen in context. The loans were given as a "lender of last resort" at the height of the panic, just two weeks after the collapse of Lehman Brothers.
The Bank of England also announced an increase in its quantitative easing programme to inject liquidity into the market, and thus encourage banks to loan responsibly to the public.
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