Quote Originally Posted by Taintedice View Post
As much as I despise Gordon Brown, the bailout of the banks caused the huge financial deficit in the late 00s, labour actually were running the economy on a small surplus around 2006/2007, before the crash. Contrast that with the tories who have added £1.5trn to the UK debt at the same time killing hundreds of thousands through ... drum roll for rros ... tory austerity
I have previously posted this information but I will try again.
We had an excellent profit sharing scheme in the Bank of Scotland until 2001 when Gordon Brown who was Chancellor of the Exchequer ended profit sharing schemes and brought in bonus schemes.
The Bank of Scotland profit sharing scheme only paid out if the bank made a minimum of 17% profit at the end of a financial year on the gross capital employed.
Bonus schemes paid out as long as staff reached their laid down targets even if their company made a loss.
It was crazy and ill thought by a chancellor of the exchequer who sold the U.K. government stock of gold at the bottom of the market.
Gordon Brown also crucified the pension schemes and non taxpayers by ending their ability to reclaim tax credits on dividends.
Gordon Brown will go down in history as the most incompetent U.K. government Chancellor of the Exchequer in history.