Stricter Rules for banks

#when in doubt bank it out

Ten years ago, there was a financial crisis. This means that there was a disaster in our money system. The problem was that the banks gave out loans to people who may not be able to pay it back.

I think that there should’ve been stricter rules for banks because then the individual bankers would have gotten stricter rules and maybe would’ve given fewer loans to people they think might not pay. Furthermore, if there where stricter rules for the Bank of England, they could tell the smaller bank for example Barclays. After they do this, the banker’s bosses would then give instructions to their staff. Finally, there would be no financial crisis.

Mrs Catfurn is a shopkeeper and took a loan from the bank. The bank told her she must pay within two years. Her business did not go very well and could not pay the loan back, because of this the bank took away the shop which she was working in. As a result of this, she could not pay her bills and then ended up homeless.

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