The Office for National Statistics has determined that from 13th October 2008 these banks will now add between 1 and 1.5 trillion pounds to public sector net debt.

I have just received these staggering statistics from Credit Action, each tax payer is on the hook for between £55,000 – £72,000 to cover public sector net debt (PSND) following the recent banking bail out.

What I cant believe is that when you add this to our £700 billion as at Jan 09, we now stand at between 118% – 148% of GDP!

The International Monetary Fund (IMF) have stated that the UK is predicted to plunge into the deepest recession of any industrialised country this year.

At last we are winning something !

The sooner we can hit the bottom the better, lets hope the kitchen sink has well and truly now been thrown in.

I cant see any other individual bank bail outs on the horizon, so the smaller banks and building societies will just have to bite the bullet and consolidate PDQ.

We will have the final rate cuts soon, – hit Zero and start to work towards a recovery, so lets just get it done and get on with printing that money, Trumpo estimates at least £100 Billion is needed.

Come on you Zero – we need to embrace you soon.

Your Trumpo.

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