The Financial crises

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Something which changed some people's life.The financial crises.The financial crises happend 10 years ago.This happen when the banks began to exceed their limits,they started to give loans and mortgage to people to anyone who asked if the bankers knew that the person might not be able to pay it back.Banker's bosses encourage them to give out loans and mortgages as they would get a bonus,this made the bankers greedy so they started giving out endless loans.

Eventually,the people ,who had borrowed money,had realised that they were unable to pay the money.Soon,the bank had to ask other banks to give them money as the public stated taking their money out of a banks.This put other banks at risk.Soon,most of the banks had run out of money.The government had to give banks money so they were able to pay the public's money,which the public had put in the bank.in my opinion, this is the government's fault as they should have made restrictions for banks to follow.This meant that less money was spent on NHS,school and other things.The government store their money in the Bank of England.The Bank of England has been existing over 300 years.It doesn't allow the public to store their money in the bank.Also, the Bank of England makes rules for other banks to follow.

This left people jobless,homeless and people ended up in severe poverty.Now their are a group of people ,who listen to the bankers of the bank of england their views an opinions.

Comments (1)

  • Tiff-Avatar.jpg Tiff @ the BNC
    19 Dec 2018

    This is a great summary of the information covered in this issue. You've clearly been curious in your sessions!

    Can you research what kind of rules the Bank of England have managed since the crisis?

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