The Bank of England is a very reliable source of money for other banks, but should their be more than one? I don't mean different buildings, I mean another bank that does exactly what the BOE (bank of England) does. There will be upsides and downsides but is it worth it?
Yes we need another BOE.
If the BIE shuts down or for some reason can't give money anymore, all the banks suffer. Why should we trust this one bank? The whole country is relying on the BOE, is that good? We need money. Look at my example and see what you think...
et's say the BOE lends to much money to one bank, and it can't give any to others, we will have an even bigger financial crisis. The BOE have gone on for years and No bank can be successful non stop for very long. If we have another bank we will find ourselves with
• More jobs for people who feel they aren't being challenged.
• A safer banking system so that the BOE can rely on if something goes wrong.
• An easier and quicker way for banks to get money.
No we're fine as we are.
We don't need another bank of England. The BOE have been going for years without any major problems. If the government felt we needed another one then they would have done that by now. We need to accept that the government are responsible for things like this and (most of the time) they do it well. The BOE know what they are doing and their employees work hard. Opening another bank would cost money, lots of work, and if you consider all that, is it really worth it?
I think that although the BOE is a very responsible bank, it would be good to have another bank to rely on. Just to think it could all go wrong with the BOE making one big mistake, and our country would be in a big mess. Personally, I don't like that thought. What do you think?