It was the right thing to bail out the banks at the time and ultimately cost very little in the grand scheme of things (think around £10bn was the loss on RBS). It was disgusting that internationally very few of any bankers/senior bankers paid for this (sued, jail etc) though. The problem with GFC though though was the start of massive QE globally !
QE started around GFC but continued in the intervening years, totally unnecessarily for a lot of it. Some was required for Covid but probably nowhere near £450bn. There’s been almost £1trn overall.
I’ve explained before that by debasing the currency we all have less purchasing power, those with hard, tangible assets benefit ie the rich because assets appreciate in value (or at least stay still as the currency debases so it gives the illusion they’re increasing) and those people can borrow more at artificially low rates to buy even more assets. Those with limited tangible assets/only cash lose out because the value of that money depreciates and the prices of everything increases.
We’ve not been living in the real world with suppressed interest rates and available cash sloshing around the system. Then suddenly rates had to be increased due to inflation and we’re paying £100bn pa in interest just to service government debt
