Once you've bailed out the banks, then what? You're going to bail them out again? (No, because they're now publicly owned). There was no reasonable scenario

Once you've bailed out the banks, then what? You're going to bail them out again? (No, because they're now publicly owned). There was no reasonable scenario where that was not a one-off increase in the debt. We were borrowing at 1% (basically free money because inflation was higher) and we might have spent that on growth policies, but George Osbourne thought this was a good way to reduce the size of the state, a political decision.