Inside the Banking Crisis: The Untold Story

A&C Black
Free sample

It was one of the gravest challenges faced by any British government in peacetime. The banking system, taken for granted by most of the population to pay for life's essentials, came close to collapse. Yet nobody going about their business in October 2008 had any inkling how vulnerable the nation's financial infrastructure was. Nobody, that is, bar a small group of policymakers and ministers working frantically in Whitehall and the City of London.

Royal Bank of Scotland, larger than the entire annual output of the UK economy, had toppled. Another banking giant Halifax/Bank of Scotland was in desperate need of a bailout. A staggeringly large bill had to be paid to stave off disaster. But could Britain afford it? Might foreign investors conclude that the UK's public finances could not take the strain and the game was up? Yet doing nothing might have seen cash machines closed, depositors panicking and troops on the streets.

These were the appalling dilemmas facing Downing Street, the Treasury and financial regulators in the darkest hours of the crisis triggered by the crash of the US bank Lehman Brothers. As political leaders in the United States confronted challenges to their own system, their British counterparts could rely on nobody for help. A solution had to be found and fast. To their immense credit, a rescue package was unveiled and markets were reassured. But saving the banks was one thing – securing their future to the benefit of taxpayers and customers was another. Decisions made since the traumatic weeks of October 2008 have cast a long shadow.
The UK economy is still bearing the scars. RBS is not repaired, some small businesses are struggling to get credit and public appetite for explanations of what happened remains high.

This book is the definitive insider's guide to the UK banking crisis, the drama and characters involved in the collapse of some of the major pillars of British banking and the commitment of £66 billion of taxpayers' money. This as yet untold story is informed by conversations with highly placed policymakers, including many of the key players, and explains what really happened behind closed doors in Downing Street and the City.
Read more
Collapse

About the author

Hugh Pym is one of the few leading broadcasting correspondents to have covered the financial crisis continuously since 2007 when the credit crunch struck and Northern Rock was crippled. He reported on developments in the summer of 2008 when the UK plunged into recession followed by the global meltdown triggered by the collapse of Lehman brothers. He covered the dramatic Government banking bailouts and was part of the BBC News team which won a Royal Television Society award for coverage of the financial crisis.
Hugh has worked as a BBC correspondent since 2001 and stood in as Economics Editor when Stephanie Flanders was on maternity leave in 2008/09. Since then he has been Chief Economics Correspondent for BBC News, covering major economic and banking developments.

Hugh is co-author (with Nick Kochan) of The Guinness Affair (1987), Gordon Brown - First Year in Power (1998), and What Happened? (2008). He has won Commentator of the Year awards from the British Venture Capital Association and the Business Services Association.
Read more
Collapse
Loading...

Additional Information

Publisher
A&C Black
Read more
Collapse
Published on
May 22, 2014
Read more
Collapse
Pages
240
Read more
Collapse
ISBN
9781472902894
Read more
Collapse
Read more
Collapse
Best For
Read more
Collapse
Language
English
Read more
Collapse
Genres
Business & Economics / Accounting / General
Business & Economics / Banks & Banking
Business & Economics / Budgeting
Business & Economics / Economic History
Business & Economics / General
Business & Economics / Management
Political Science / Political Economy
Political Science / Public Policy / Economic Policy
Read more
Collapse
Content Protection
This content is DRM protected.
Read more
Collapse

Reading information

Smartphones and Tablets

Install the Google Play Books app for Android and iPad/iPhone. It syncs automatically with your account and allows you to read online or offline wherever you are.

Laptops and Computers

You can read books purchased on Google Play using your computer's web browser.

eReaders and other devices

To read on e-ink devices like the Sony eReader or Barnes & Noble Nook, you'll need to download a file and transfer it to your device. Please follow the detailed Help center instructions to transfer the files to supported eReaders.
Experience a life free of financial stress and transform your relationship to money with this indispensable guide—the first book based on You Need A Budget’s proven method that has helped hundreds of thousands of people break the paycheck to paycheck cycle, get out of debt, and live the life they want to live.

No one should tell you what to do with your money—only you know what’s most important to you. Always guiding you back to your true priorities, Jesse Mecham will fundamentally change the way you think about your money and what it can do for you. His proven method—four, simple rules—will transform money management from a paralyzing burden to a powerful tool, putting you in total control of your life:

Give Every Dollar A Job. Be intentional about what you want your money to do before you spend it.Embrace Your True Expenses. Break up larger, less frequent expenses into smaller, more manageable amounts. By saving monthly for insurance premiums, holidays, or car repairs, when the time comes, your money is ready and waiting to do its job.Roll With The Punches. When life changes, so must your budget. Make adjustments and move along. Flexible budgets succeed because they’re guilt-free, realistic, and sustainable.Age Your Money. As you repeat the first three rules, you’ll increase the time between the moment you earn a dollar and the moment you need to spend it. When your money is at least a month old, you’ll have finally broken the paycheck to paycheck cycle for good.

This tried-and-true system has changed the lives of hundreds of thousands of people by teaching them how to take charge, adjust money habits, eliminate stress, and build the life they want to live. Don’t waste another month counting down the minutes until payday....

Over the past 40 years, Tom Stanley and his daughter Sarah Stanley Fallaw have been involved in research examining how self-made, economically successful Americans became that way. Despite the publication of The Millionaire Next Door, The Millionaire Mind, and others, myths about
wealth in American still abound. Government officials, journalists, and many American still tend to
confuse income with wealth. A new generation of household financial managers are hearing from so-called experts in personal financial management due to the proliferation of the cottage industry of financial blogs, podcasts, and the like. In many cases, these outlets are simply experiences shared without science, case studies without data based on broader populations. Therefore, the authors decided to take another look at millionaires in the United States to examine what changes could be seen 20 years after the original publication of The Millionaire Next Door. In this book the authors highlight how specific decisions, behaviors, and characteristics align with the discipline of wealth building, covering areas such as consumption, budgeting, careers, investing, and financial management in general. They include results from quantitative studies of wealth as well as case studies of individuals who have been successful in building wealth. They discuss general paths to building wealth on your own, focusing specifically on careers and lifestyles associated with each path, and what it takes to be successful in each.
©2018 GoogleSite Terms of ServicePrivacyDevelopersArtistsAbout Google|Location: United StatesLanguage: English (United States)
By purchasing this item, you are transacting with Google Payments and agreeing to the Google Payments Terms of Service and Privacy Notice.