“Not one cent of public money should ever again be put at risk” I would now like to turn to the second sentiment: that not one cent of public money should ever again be put at risk.
Over recent times, there has been a noticeable swing in international forums against the idea that the public sector’s balance sheet has a role to play in dealing with financial stress. Many people find it difficult to accept the idea that the very same banks that caused the problems have been supported, either directly or indirectly, by the public sector’s balance sheet.