Peter Black AM has a post on Freedom Central this morning entitled "The failure of joined up government" in which he explains a quirk of the financial regulation system that seems to have had unintended consequences. It seems that because Credit Unions (the bodies that exist in communities to help people get access to credit and provide other services to those on low incomes) are now regulated by the Financial Services Authority that they are now liable for part of the cost of bailing out the banks. This is due to the FSA levying a charge on every organisation it controls to help meet the debt. Apparently they are jointly liable for £8.5 million through this mechanism.
When Is 24% Not 24%?
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