The English bank is one of the most popular banks that people use in the UK.
If we didnt have banks then we could only pay in cash because there would be no bank card. That means that we could not pay our bills online or online shop, we could not even be able to watch on apps like Netflix. We could not get any loans from the bank and we could not save any money in the bank. The stability of managing money would go down hill if we did not have banks.
The English bank crashed because people were getting too many loans and there was not enough money coming in. Therefore, the financial market swooped down and crashed.
This would lead to people losing a lot of money that they have invested in. This will cause many people to lose thousands of pounds and they will begin to struggle financially.
How can we stop another financial crash?
My opinion is that, the bank should not give money out too freely because some people can spend it on drugs and other bad things. I think they should give money to the NHS instead because they would be saving lifes and benefiting other people for good. The NHS is quite stretched on staff and resources because it is free so I think giving to the NHS is a priviledge. To save people's lives and be responsible for helping them would be a great honor for me.