Protestors gathered outside the Halifax Bank of Scotland headqaurters last Friday to voice their concerns over the £250 billion bank bailout.

Protestors gathered outside the Halifax Bank of Scotland headquarters last Friday to voice their concerns over the £250 billion bank bailout.

They met at the mound, handing out flyers and carrying signs, urging the government to bail out people not banks. 

Of the £250 billion sum, up to $50 billion will come from taxpayers while the bank of England liquidity scheme will front the remaining £200 billion. 

It is hoped that the bailout will ensure the future of some of Britain’s most vital financial institutions and encourage banks to start lending money to each other and to consumers.

However many people remain dubious of how the bank bail out will benefit them.  

Protest organiser and Aberdeen University graduate, John Black remains unsatisfied with the provisions made for ordinary people.

He said, “Nationalised banks like Northern Rock are still reposing homes.  More money should be spent on making sure people don’t go homeless.  The same amount could build two million council homes.” 

During the protest organisers invited people to place their complaints in a ‘demand box’ which would be delivered to Alistair Darling. 

Protester, Stephanie Spoto, a 3^rd year postgraduate student at the University of Edinburgh, criticized the government’s proposal to use public money to rescue private banks, saying, “It won’t help the people who need help the most.  It seems like we have socialism for the rich and capitalism for the poor.” 

When asked what she would like the government to do she answered provide more affordable housing, and help to students. 

While the protest was relatively small its organisers remained hopeful that it would draw attention to important issues and encourage people to view the bailout more critically. 

Similar demonstrations have taken place throughout the UK, including a protest outside the Royal Exchange in London.   

A financial services firm has also launched an online petition, urging Westminster to use taxpayers’ money to pay individual mortgage debt rather than channel the money directly into banks. 

The Chancellor of the Exchequer, Alistair Darling, has rejected calls that he should use his position as the chief shareholder in RBS and HBoS to prohibit job losses and force banks to lend at more affordable rates. 

He has also received criticism form economists for his plan to kick-start the economy with public spending.

Despite the lack of consensus, the bank bailout looks set to continue with £37 billion already being spent to stabilise Britain’s ailing economy.