UK hit hardest by banking bailout, with £1trillion spent to save the City

The burden of the banking bailout has been heavier in Britain than the rest of the western world, according to alarming figures published today.

The UK has committed public funds worth almost 75 per cent of national income, or around £1trillion, to saving the City, according to the Bank of England.

That compares with bailout costs worth just 30 per cent of gross domestic product in the Euro Zone and 50 per cent in the United States. (more)