Gordon Brown has changed the face of banking in Britain — effectively taking control of three of the country’s biggest names with a 37-billion-pound rescue deal.

The bailout gives Number 10 a huge stake in RBS, HBOS and Lloyds TSB — with tens of millions of customers and control of almost HALF the country’s mortgage market between them….(read more)

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Over the past few years, taxpayers in England have become major shareholders in some of the country’s biggest banks following a massive bank bail out in the aftermath of the global financial crisis.

In 2008, the UK government nationalized RBS (Royal Bank of Scotland) with a £45 billion taxpayer-funded bail out. This meant that the government effectively became the majority shareholder, owning around 62.4% of the bank. In addition to this, the government also provided substantial support to other banks such as Lloyds Banking Group and Barclays, although they were not fully nationalized.

The bail out was necessary to prevent a complete collapse of the UK banking system which would have had catastrophic consequences for the UK economy and the wider global financial system. At the time, it was a controversial move as many taxpayers felt that it was unfair to use their money to bail out banks that had made risky investments and got into financial difficulties.

However, the bail out has since been hailed as a success as it prevented a catastrophic financial meltdown and has helped to stabilize the UK financial sector. It also paved the way for the eventual privatization of RBS and Lloyds, with the government reducing its ownership stake over time.

As a result of the bank bail out, taxpayers have become major shareholders in RBS and Lloyds. This means that the profits made by these banks are ultimately being used to benefit the UK taxpayer. For example, in 2019, RBS paid a dividend of £1.6 billion to the UK government, which was used to fund public services such as healthcare and education.

While the nationalization of banks was a controversial move, it has ultimately proved to be the right decision. Taxpayers have become major beneficiaries of the financial recovery of these banks, and the UK financial system is now much stronger and more stable as a result.

In conclusion, the bank bail out in England has resulted in taxpayers becoming major shareholders in some of the country’s biggest banks. While controversial at the time, the move has ultimately been a success, preventing a financial meltdown and providing benefits to the UK taxpayer in the form of profits and dividends.