Times are tough, but the banks are in a better position than last time…
The recent failure of banks in the U.S and Switzerland has set alarm bells ringing in the financial sector and the big question that everyone’s been asking is “are we going to have a repeat of the 2008 financial crash?”.
According to the Guardian, we have reason to be confident that such a domino effect won’t happen again. But we’re in for a rocky ride over the next couple of years.
The reason for that confidence, particularly in the UK, stems quite simply from regulation and the fact that the banks have been required to hold more capital, meaning that the system should in theory survive an even bigger meltdown than that which hit 15 years ago.
Amidst all of the doom and gloom and bad news stories that have come over the last few years, it’s a positive sign that Britain seems to have learned from previous experience and led the way in safeguarding the financial sector such that the Bank of England isn’t too concerned about losing a couple of major players from the global system.
However, this time, we have a whole different bunch of issues to lose sleep over. Rising inflation, energy prices and a stagnating economy are all serious factors which are causing people to lose sleep. Interest rates are still rising as the cost of borrowing affects businesses and homeowners alike.
With all of this uncertainty, it’s a difficult time for businesses to know if they should hire or fire staff. The UK’s unemployment rate, which has remained low relative to many other developed countries, appears to have bottomed out and it’s hard to predict what will happen next.
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