The UK (not in the Euro) has apparently given a guarantee on EC (which we are in) debt which means that Ireland, in the great scheme of things quite a small country, may cost us another £7bln. It is understood that RBS has a huge pile of Irish debt (why?) which, as the UK government holds over 80pc of RBS’s stock, means that we are likely to throw even more good money after bad. At some point this never ending stream of bailing out failing institutions will end but I must admit that at the moment it seems that our lords and masters look like hocking absolutely everything (including our future) before they will admit defeat.
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