Modern capitalism is a complicated system but it seems it has even complicated the English language. "UK Asset Resolution (UKAR), which is in charge of running the bad loans of failed lenders Northern Rock and Bradford and Bingley, repossessed 8,800 properties last year, an increase of 10pc on the 7,980 the state-backed body repossessed in 2010. Richard Banks, chief executive of UKAR, said the repossessions were "regrettable" and that "multiple forbearance assistance" was given to people before their properties were seized by the organisation. "Regrettably, repossession is the final answer,"said Mr Banks. Last year, UKAR's profits increased by 145pc to £1.09bn, from £444m in 2010, enabling the "bad bank" to hand a total of £2.8bn over to the government in the form of repaid loans, interest, fees and corporation tax." (Daily Telegraph, 2 March) So let us get this straight "regrettable" can mean losing your home or an increase of 145pc in profits. Confused? We are. RD
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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