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Banking crisis or bump in the road?

Updated: Apr 24, 2023

Times are tough, but the banks are in a better position than last time…

Image - Jernej Furman
image - jernej Furman

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.


If you’re unsure about whether to hire new staff, Live Web Chat we can help you avoid the costs and issues associated with increasing your team in order to service your customers’ needs. There are no long contracts and our agents can provide customer service directly on your website in real time, engaging with your website visitors, and the best thing is that it costs fraction of employing someone. Our team are fully trained in your business so are well positioned to provide help to your customers and website visitors.


Contact us today to find out more about how Live Web Chat can help you convert website visitors into paying clients. You can find out more about what we offer on our website, or by calling us on 01273 741113.

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