Credit crunch continues for UK manufacturing

This table neatly sums up the true nature of the UK banking system. It gives the quantity of outstanding loans to the corporate sector.

Manufacturing has only £58 billion outstanding loans, while financial intermediation, otherwise known as the shadow banking system, has received over to £700 billion pounds in loans. Moreover, the stock of outstanding loans to manufacturing firms has fallen by almost 10 percent, while lending to shadow banks is up over 5 percent.

Now we can see what this bank bailout was really about. It wasn't about protecting jobs. The manufacturing sector is still suffering from a terrible credit crunch. This bail out was about protecting the shadow banking system. It was about protecting a small group of greedy self-serving financiers.