Labour has accused the government of “catastrophic financial mismanagement” and claimed it has “lost” £251bn from the value of assets created to rescue the banking sector after the 2008 financial crash.
The party said analysis of recently published figures showed that a decline in the value of the Bank of England’s assets – over which the Treasury acts as a guarantor – was a huge loss to taxpayers, “equivalent to 10% of gross domestic product (GDP) in 2022, or the entire GDP of Scotland and Wales combined”.
