The UK is the first country to admit out loud that it has nationalized some banks

Foreign Exchange - Pounds Sterling and Euro Exchange Rate Outlook

The UK is the first country to admit out loud that it has nationalized some banks. According to the Office of National Statistics, it will start including the liabilities of Royal Bank of Scotland and Lloyds on the government balance sheet, meaning they are "public sector entities."

Technically this happened last October with the injection of capital giving the government a majority share. We don’t know how much this adds to the public debt just yet, but it’s probably on the order of £1 to £1.5 trillion, or 70-100% of GDP.

Pounds to US Dollars = 1.4340
Pounds to Euros = 1.1275
Euro to Pounds = 0.8865
Pounds to Australian Dollars = 2.2100

Bye For Now

Barbara Rockefeller
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