An article in the Sunday Telegraph ( 27 July, 2008) reveals that HM Treasury is planning to bail out U.K. mortgage lenders to the tune of amost £50 billion! The article explains that the Treasury would swap or exchange Gilt Edged Treasury paper for mortgage debt! Basically Gilt Edged Treasury paper is a euphemism for ripping off the taxpayer through the indirect tax called inflation. What else would one expect from a socialist governmet?
The Sunday Telegraph Article