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If people resident in the UK decide to transfer their money abroad to a foreign bank, thus not investing it or benefiting this country, why should the UK taxpayers come to their rescue if their bank goes tits up?

I've obviously missed the point and am extremely selfish and parochial, but I still can't understand it.
 
spionfox said:
If people resident in the UK decide to transfer their money abroad to a foreign bank, thus not investing it or benefiting this country, why should the UK taxpayers come to their rescue if their bank goes tits up?

I've obviously missed the point and am extremely selfish and parochial, but I still can't understand it.
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paying tax to our government doesn't benefit the country?

add to that the several hundred jobs that Icesave created in the UK and I'd say on paper its not such a bad thing to invest in such a company, HSBC would be a better option though being local?
 
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The interest they accrue is returned to this country which counts as an invisible export(If I remember my O level economics correctly).
 
fitz said:
paying tax to our government doesn't benefit the country?

add to that the several hundred jobs that Icesave created in the UK and I'd say on paper its not such a bad thing to invest in such a company, HSBC would be a better option though being local?
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I'm not disputing that they are UK taxpayers. What grieves me is that they transfer their savings out of this country and then expect our government to bail them out if it goes wrong. It's one thing for the UK government to underwrite UK banks, but not Icelandic ones surely.

As I said in the other post - I am probably missing the point anyway.
 
spionfox said:
I'm not disputing that they are UK taxpayers. What grieves me is that they transfer their savings out of this country and then expect our government to bail them out if it goes wrong. It's one thing for the UK government to underwrite UK banks, but not Icelandic ones surely.

As I said in the other post - I am probably missing the point anyway.
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The Icesave set up was controlled from within the UK with staff in London and Newcastle benefitting from jobs, the good old tax man from here taking the money from taxable interest same as any other bank here. I agree that it is up to the Icelandic government to bail out the bank and protect customers (which they wouldn't), but our government standing by and watching thousands of people lose cash due to a savings account governed over here going tits up I can't imagine
 
Darth Vodka said:
good to see our council tax being spunked across the world

:icon_roll

why spend it on things people need when you can squirrel it away in dodgy accounts
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:018: I can't believe that the good people of Westminster Council would ever engage in such activity - fine upstanding people, every one of them
 
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homer said:
:018: I can't believe that the good people of Westminster Council would ever engage in such activity - fine upstanding people, every one of them
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Yes but the really important political issue for now remains..Anne Widdicombe or Margaret Beckett......and you have got to
 
highland fox said:
Yes but the really important political issue for now remains..Anne Widdicombe or Margaret Beckett......and you have got to
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That's the toughest one yet, to be honest and I just can't make up my mind

I'm going to have to think about it for a while
 
homer said:
That's the toughest one yet, to be honest and I just can't make up my mind

I'm going to have to think about it for a while
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I like to ask the Politically searching questions that others are afraid to ask.Next weeks Question Time is from Kinlochleven.It will kick off on a Sporty Theme..''Jack Straw I put this one out to you....Clare Balding or Fatima Whitbread...and you have got''
 
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Darth Vodka said:
good to see our council tax being spunked across the world

:icon_roll

why spend it on things people need when you can squirrel it away in dodgy accounts
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Do you expect councils to spend their money as soon as they collect it?
Do you expect councils to not have any contingency funds?
Do you expect councils to keep their money under the mattress?
Do you expect councils to ignore the advice they are given by the Treasury to seek the highest possible interest rates on their money?
Do you expect councils to ignore accounts that have until the last week been recommended as 'Best Buys' and with institutions that have until the last week been regarded as safe?
 
bocadillo said:
Do you expect councils to spend their money as soon as they collect it?
Do you expect councils to not have any contingency funds?
Do you expect councils to keep their money under the mattress?
Do you expect councils to ignore the advice they are given by the Treasury to seek the highest possible interest rates on their money?
Do you expect councils to ignore accounts that have until the last week been recommended as 'Best Buys' and with institutions that have until the last week been regarded as safe?
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is that what i said?

i'd expect UK councils to store their money in UK banks... if the treasury were advising money to go abroad, that seems pretty stupid, they can't guarantee the money will be safe. but the blame shifts to Darling then

hindsight is a wonderful thing of course, but the treasury should advise uk councils to keep uk tax-payers' money in the UK
 
Darth Vodka said:
is that what i said?

i'd expect UK councils to store their money in UK banks... if the treasury were advising money to go abroad, that seems pretty stupid, they can't guarantee the money will be safe. but the blame shifts to Darling then

hindsight is a wonderful thing of course, but the treasury should advise uk councils to keep uk tax-payers' money in the UK
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My rant was more of an answer to the idiots that have been ringing Kent local radio stations this morning but triggered by your "why spend it on things people need..."

I wonder how much the advice to councils has changed since the Bank of Credit and Commerce International scandal, in which the Western Islands Council lost a packet (later recouped), in the early 70s. Clearly not enough to prevent the latest fiasco.
 
bocadillo said:
My rant was more of an answer to the idiots that have been ringing Kent local radio stations this morning but triggered by your "why spend it on things people need..."

I wonder how much the advice to councils has changed since the Bank of Credit and Commerce International scandal, in which the Western Islands Council lost a packet (later recouped), in the early 70s. Clearly not enough to prevent the latest fiasco.
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good old BCCI, dodgiest bank ever

Keith Vaz didn't like it :)
 
Widdecombe is still a virgin so at least with her you can pop a cherry. Beckett is from Derby for starters. Can you beleive she was ever allowed to breed. It's a disgrace.
 
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