UK 'facing national bankruptcy'

UK 'facing national bankruptcy' Monday 19th January 2009

The government's failure to restore confidence in the banking system has left the UK on the brink of bankruptcy, it has been claimed.

Writing in the Observer on Sunday (January 18th), Will Hutton stated that Britain is "on the edge", despite plans for a fresh bailout of the country's leading financial institutions.

Similar sentiments were voiced by the Daily Mail's Peter Oborne, who claimed that "Britain now faces, for the first time in history, the prospect of national bankruptcy".

The alarming state of the nation's banking system was further emphasised today when the Royal Bank of Scotland revealed it is likely to post a loss of £28 billion – the largest in British corporate history – when it reveals its results next month.

Shares in RBS dropped in value by 70 per cent after its chief executive Stephen Hester admitted that full nationalisation of the bank had been considered.

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