HMRC loses 15m peoples bank details.

Third Opinion · 20 Nov 2007 at 14:13

First Northern Wreck and now this. You couldn't write it could you?

http://news.bbc.co.uk/1/hi/uk_politics/7103566.stm

Remember you can trust Labour with the economy.

NiccoLau · 20 Nov 2007 at 14:14

*sigh*

DevilsAdvocate · 20 Nov 2007 at 14:15

Slinwagh · 20 Nov 2007 at 14:16

Third Opinion said:
First Northern Wreck and now this. You couldn't write it could you?

http://news.bbc.co.uk/1/hi/uk_politics/7103566.stm

Remember you can trust Labour with the economy.

Neither of these two events are the fault of Labour are they

neil3k · 20 Nov 2007 at 14:18

This is why i dont pay taxes

Third Opinion · 20 Nov 2007 at 14:18

Slinwagh said:
Neither of these two events are the fault of Labour are they

Sorry but who introduced Tax credits?

Who lent NR £24bn?

Nullvoid · 20 Nov 2007 at 14:20

Jonathan Baume, general secretary of the FDA, the union for senior public servants, said there had been a "serious operational error" but added: "Paul Gray was in no way personally responsible, but he has recognised that, as the most senior official in the department, the accountability ultimately lies with him.

How very noble of him. I fully expect him to duck out of the limelight for a while and then pop up in another cushy government position sometime next year.

Masterdog · 20 Nov 2007 at 14:22

Third Opinion said:
Sorry but who introduced Tax credits?

That's ridiculous. You might as well say some old lady getting her pension stolen is the government's fault for giving her a pension in the first place. And it's too early to say what the right solution to the NR crisis was, but the government giving them money didn't cause the problem.

Samtheman1k · 20 Nov 2007 at 14:25

Masterdog said:
That's ridiculous. You might as well say some old lady getting her pension stolen is the government's fault for giving her a pension in the first place. And it's too early to say what the right solution to the NR crisis was, but the government giving them money didn't cause the problem.

But it's the government who created an economy based on debt. They could have always regulated it better to of prevented this type of thing happening....

Third Opinion · 20 Nov 2007 at 14:27

Masterdog said:
That's ridiculous. You might as well say some old lady getting her pension stolen is the government's fault for giving her a pension in the first place. And it's too early to say what the right solution to the NR crisis was, but the government giving them money didn't cause the problem.

No it isn't ridiculous, HMRC have consistently shown incompetency with dealing with tax credits since they took over the social secruity system. Labour have done sweet FA about it.

NR should never have been lent that sort of taxpayers money without some kind of a assurance the tax payer would not foot the bill.

scorza · 20 Nov 2007 at 14:28

The £24bn loan given to NR is guaranteed against part of NR's mortgage book, which is said to be very strong. They were discussing NR on the Jeremy Vine show yesterday, this Professor of Economics was saying it's virtually impossible for the taxpayer to lose out on that loan.

Slinwagh · 20 Nov 2007 at 14:29

This is about losing data, not the handling of Tax Credits !!!

Burnsy2023 · 20 Nov 2007 at 14:29

Third Opinion said:
Sorry but who introduced Tax credits?

Who lent NR £24bn?

That statement is laughable. I can only deduce that it simply wasn't a serious comment...

Burnsy

Burnsy2023 · 20 Nov 2007 at 14:30

scorza said:
The £24bn loan given to NR is guaranteed against part of NR's mortgage book, which is said to be very strong. They were discussing NR on the Jeremy Vine show yesterday, this Professor of Economics was saying it's virtually impossible for the taxpayer to lose out on that loan.

OT: I love Jeremy at the end: "For your information, that piece wasn't edited at all" :cool:

Burnsy

helmet · 20 Nov 2007 at 14:31

Slinwagh said:
This is about losing data

Well said.

Samtheman1k · 20 Nov 2007 at 14:34

scorza said:
The £24bn loan given to NR is guaranteed against part of NR's mortgage book, which is said to be very strong. They were discussing NR on the Jeremy Vine show yesterday, this Professor of Economics was saying it's virtually impossible for the taxpayer to lose out on that loan.

Unless a recession is triggered, repossessions go up, NR's valuation plumets even further and we get back less than we invested in what may of even been an illegal loan under EU rules...

Third Opinion · 20 Nov 2007 at 14:37

Samtheman1k said:
Unless a recession is triggered, repossessions go up, NR's valuation plumets even further and we get back less than we invested in what may of even been an illegal loan under EU rules...

I read over 50% of NR loans are on homes in the SE and taken out in the past 3 years. Many of these are bound to be of high salary multiples and NR would also lend upto 125% of homes value.

Sounds safe to me.

PlatinumFX · 20 Nov 2007 at 14:39

I can't wait for 3.30. I pity the person who has to apologise for an unprecendented failure that affects a significant portion of this countries population.

scorza · 20 Nov 2007 at 14:46

Samtheman1k said:
Unless a recession is triggered, repossessions go up, NR's valuation plumets even further and we get back less than we invested in what may of even been an illegal loan under EU rules...

NR's valuation has no impact on the loan. NR can go bankrupt but the taxpayer doesn't lose out with that loan as it's secured against a huge asset - i.e. NR's mortgage book, which can easily be sold on.

The biggest risk to the tax payer is from the government saying it will guarantee all NR savings until February.

Samtheman1k · 20 Nov 2007 at 14:49

scorza said:
NR's valuation has no impact on the loan. NR can go bankrupt but the taxpayer doesn't lose out with that loan as it's secured against a huge asset - i.e. NR's mortgage book, which can easily be sold on.

The biggest risk to the tax payer is from the government saying it will guarantee all NR savings until February.

Yes, but mortgages are secured on the value of the houses...if the houses devalue, such as would happen if the housing market crashes, then so does the assets & the loan value...