Banks are what keep the economy growing. They have many different uses such as:keeping money safe,giving out loans and much, much more. But during 2008 that all changed and many people across England became unemployed or homeless. This is because the bank became bankrupt.
Loans are when someone asks the bank for some money to buy something and they then give back the money they owe. This doesn't always happen though people might not pay the loan which then concludes to them being in trouble with the bank.
During the financial crisis money was a big deal; this was because people couldn't pay their mortgages on time and this resulted more homelessness in the UK. Also house prices dropped by an almighty 31.8% after the crisis hit . Many people lost their jobs during this time of great despair. In the duration of that time about £16 trillion was lost during the financial crisis.
The financial crisis was one of the hardest times in the economy and many people are rebuilding their buissness and the banks are much safer but the big question is...Will this ever happen agin?