Last year the taxpayer owned British Business Bank lost us £147 million. Its auditors said it can carry on trading because taxpayers will send it enough money to pay the bills.
609 staff were paid £60 million between them. Senior staff accrued more long term incentive bonus. Nice job if you can get one.
The taxpayer did get a long report on how they comply with a wide range of requirements. It revealed their investments in a bookshop, a beauty business, an electric forklift business and various other fashionable areas.
The taxpayer now has put £3bn at risk in this outfit.If we had used that money this year to cut the state borrowing we could have saved £120 m of interest instead of losing £147 m.
There is no evidence the state sector is any good at this type of investment banking. There should be no wish to saddle taxpayers with more losses. Sell the whole thing off as soon as possible.
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