UK banking system on the verge of collapse

[SantaClaus]

That, sent in a chain email, could destroy the country faster than a nuclear war.

Sending....

Bye bye England. Bye bye Mr Taxman.

[swamp]

Experts are predicting 100,000 job cuts in the financial sector, could potentially be 200,000 if the UK plunges into a deep recession.

Sounds about right!

[DimPrawn]

UK banking system on the verge of collapse. Apparently the failure of two major City hedge funds have caused a chain reaction. Most UK banks now can’t satisfy their capitalisation requirements. Millions of accounts have been frozen to prevent a run on the banks. Emergency talks with the BOE now going on. Looks like they’re going to impose exchange controls, to prop up the pound, there is also talk of reimbursing account holders with 10 year government bonds, rather than cash. Experts warned that these bonds would be worth a fraction of their face value in the current market. This could even exacerbate the problem for homeowners stretched on their mortgages, as they wouldn’t easily be able to acces their savings, so driving them into bankruptcy through no fault of their own. Experts are predicting 100,000 job cuts in the financial sector, could potentially be 200,000 if the UK plunges into a deep recession. Britain hasn’t seen an economic crisis of this magnitude since the Norman invasion of 1066, as documented in the Doomsday survey of 1086.

That, sent in a chain email, could destroy the country faster than a nuclear war.

[ratewhore]

Britain hasn’t seen an economic crisis of this magnitude since the Norman invasion of 1066...

Bloody French!!!

[cupidstunt]

hmm

What's the verdict Blaster? Give us some more bad advise and increase your bank balance. Or is armageddon here and it's too late anyway?

[BlasterBates]

hmm

[HYpno27]

Boomed or Busted?

No... just Punk'd

[BlasterBates]

Actually this is the reality today

Banks are lending to each other again in rapidly rising volumes, as the LIBOR (interbank rate) fell to it's lowest level since last July. Big banks have wasted no time in re-opening their mortgage books and HSBC has already announced mortgages at just 4.99%. Fionnuala Earley, of Nationwide, said "This is great news for the housing market". Property agents Savills agreed, saying "We can now expect the traditional spring bounce to return". This good news is compounded by Nationwide's latest figures showing house prices rising by 4.8% in March. Northern Rock has relaunched its 125% "Together" mortgage, so even hard-pressed first time buyers can step onto the market now. "First time buyers should get on the ladder now before it's too late", said chief exec Adam Applegarth.

bbc news: housing market

[Moscow Mule]

And in other news, the BBC had flying penguins on this morning.

[WotNxt]

April Fool?

[BA to the Stars]

Invest in the fuel of the future - LOFARP OIL. Markets for initial investment in this cheap, plentiful, environmentally friendly fuel close at lunchtime today

[HairyArsedBloke]

It’s contagious; Indian Potato futures on the Multi Commodity Exchange in Mumbai are off 4%. We’re all going to die.

[DiscoStu]

Will this mean a devaluation of my credit card debt too?

[BrilloPad]

I thought we did this yesterday?

http://forums.contractoruk.com/light...nic-panic.html

[BlasterBates]

UK banking system on the verge of collapse. Apparently the failure of two major City hedge funds have caused a chain reaction. Most UK banks now can’t satisfy their capitalisation requirements. Millions of accounts have been frozen to prevent a run on the banks. Emergency talks with the BOE now going on. Looks like they’re going to impose exchange controls, to prop up the pound, there is also talk of reimbursing account holders with 10 year government bonds, rather than cash. Experts warned that these bonds would be worth a fraction of their face value in the current market. This could even exacerbate the problem for homeowners stretched on their mortgages, as they wouldn’t easily be able to acces their savings, so driving them into bankruptcy through no fault of their own. Experts are predicting 100,000 job cuts in the financial sector, could potentially be 200,000 if the UK plunges into a deep recession. Britain hasn’t seen an economic crisis of this magnitude since the Norman invasion of 1066, as documented in the Doomsday survey of 1086.

Banking crisis