How it started!
most poeple think the financial crisis started because banks ran out of money but there’s more depth to the issue.
In 2008 the banking system failed in various ways mostly due to some people taking loans
without being capable to pay them back although a few people could pay their loans the bank
stopped accepting them because they were running low on cash.
The chaos it caused!
This affected a lot of people in a numerous amount of ways... BUT HOW???
-Poeple that needed money the most could not withdraw their OWN cash otherwise the banks would go bankrup,
-Shop owners were losing a handful of money every hour this occurred because the people that HAD cash were being wiser on the money there spending.
-The goverment had to constantly save banks by topping them up on money to stop them from going bankrupt therefore the government could not spend cash on the important things.
-People who started a business during the crisis lost almost everything including: their homes,
personal belongings and furniture.
It is said that the crisis cost every body in the uk around 3000 pounds.