The Magic Lever
Donald MacKenzie: How the Banks Do It, 9 May 2013
“... suggests that the true value of the option (and therefore of the taxpayer subsidy) for 2010 lay between £30 billion and £120 billion. There’s nothing specific to the UK about the subsidy, other than its size relative to the UK economy, which results from the fact that our banks are very large; two of the biggest, Lloyds and the Royal Bank of ... ”