
The IMF’s damning verdict
Forget the Budget. The IMF’s Global Financial Stability Report has just produced the figures Gordon Brown didn’t want you to read: the cost to the UK taxpayer of the banking crisis. The Treasury’s approach is to airbrush banks out of the picture, and kid us on that we’ll get the money back eventually. The IMF gives it to us straight. It estimates (p44, pdf) that when this is over British taxpayers will have the largest bill in the G7. The bank crisis will cost the UK some 13.7% of GDP – which works out as about £190bn (see graph below). The figure for the US is 12.1% and Canada just
