The cost of the credit crisis

Public funding for banks

• £20bn - for Royal Bank of Scotland
• £11.5bn - for HBOS
• £5.5bn - for Lloyds TSB

The bail-out package: 8 October 2008

• At least £200bn - available in Bank of England short-term loans via the special liquidity scheme
• £250bn - bank debt guarantee
• £50bn - made available to help banks recapitalise (including £25bn preference shares)

Iceland

• £798.95m - local authorities' cash known to be in Icelandic banks (English and Welsh councils only - Local Government Association)
• £50m - amount Kent County council has invested in Icelandic banks
• £120m - amount of charities money invested in Icelandic banks (National Council of Voluntary Organisations estimate)

UK plc

• £1,461bn - UK annual GDP (August 2008)
• £7.8bn - budget deficit (August 2008)
• £632.7bn - national debt including Northern Rock (August 2008)
• £3.3bn - spending on debt interest (August 2008)
• £618bn - annual UK public spending (2008-09 projections)

Other spending priorities

• £2.7bn - cost of the 10p tax compensation package, which gave a £120 rebate to all basic-rate taxpayers this financial year. The package still left 20 per cent of those worst hit by the scrapping of the 10p starting rate of income tax to the tune of up to £112.
• £9.325bn - 2012 Olympics package
• £2.8bn - additional spending needed to give a 50:50 chance of meeting the government's halfway target to eradicate child poverty in a generation (IFS estimate)
• £14bn-£28bn - approximate cost of reducing the long-term cost of climate change, according to the Stern report (which said in 2006 that 1 per cent of GDP be invested on tackling environmental damage). This summer Lord Stern revised it to 2 per cent of GDP to take into account faster-than-expected climate change

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