The post you are reporting:
Here is an extract from today's Sky News.
"The Government has provided £37bn of funding to Northern Rock since its collapse in 2007, meaning the taxpayer is in line to make a profit of up to £11bn.
But it will take up to 15 years to be delivered.
So £11 billion interest in 15 years on a £37 billion loan is quite reasonable.
It would be as borrowing today £37 and paying back £48 within 15 years.
So if the State can lend money to banks at a very low interest rate in an emergency, as was the 2008 case, at about 2% interest a year, so too is it in line to suggest the same State lend money to common citizens at a similar interest rate in times of personal financial crisis, ie in times of family or personal emergency.
My other point is, Barry, essential expenses as mentioned in the above posts does not mean luxuries, bonuses etc., so I am not suggesting a State institution lend money to a private citizen to pay him a bonus or a third mansion (see bankers), but to pay an outstanding rent, or mortgage rate on the first house, or clothes for the child, and similar.
The point is, Barry, that it is not fair that someone should have to repay such a loan with 38% interest a month. I find it fair to suggest they repay it at an interest rate of 2% - 5% a year, more or less in line with inflation, as is the case of Northern Rock.
