14:34 PM, 12th September 2017, About 5 years ago 2
We are now 10 years on from the Global Financial Crisis and in particular in the UK from that infamous news report by the BBC’s Robert Peston.
Peston reported on BBC news he had heard that banks were no longer willing to lend to the Northern Rock bank and that unsecured savers need not panic yet, which they obviously immediately did causing the scenes of queues we all remember outside Northern Rock branches the very next day.
Since then and the resultant further bank bail outs and the collapse of interbank lending we have had 10 years of unprecedented stagnant living standards and a Housing Market that is in crises with Landlords suddenly taking the blame in the last 2 years.
However, are the banks that own your Buy to Let and main residence mortgage debt and hold your savings any safer now?
To mark the 10 year anniversary the Bank of England have issued a summary of why they think the UK banking system is now a safer place now it has been given responsibility for the supervision of individual banks and building societies along with the creation the Financial Policy Committee tasked by Parliament to monitor risks in the financial system that could cause problems for the wider economy.
8 Key points why Banks can now survive more substantial losses: