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class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Failure of HBOS and Lloyds takeover</span> </div> </a> <ul id="toc-Failure_of_HBOS_and_Lloyds_takeover-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Preparation_of_the_recapitalisation_plan" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Preparation_of_the_recapitalisation_plan"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Preparation of the recapitalisation plan</span> </div> </a> <ul id="toc-Preparation_of_the_recapitalisation_plan-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Royal_Bank_of_Scotland_imminent_collapse" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Royal_Bank_of_Scotland_imminent_collapse"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Royal Bank of Scotland imminent collapse</span> </div> </a> <ul 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id="toc-Cash_support-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Other_support_schemes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Other_support_schemes"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Other support schemes</span> </div> </a> <ul id="toc-Other_support_schemes-sublist" class="vector-toc-list"> <li id="toc-Credit_Guarantee_Scheme" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Credit_Guarantee_Scheme"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2.1</span> <span>Credit Guarantee Scheme</span> </div> </a> <ul id="toc-Credit_Guarantee_Scheme-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Special_Liquidity_Scheme" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Special_Liquidity_Scheme"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2.2</span> <span>Special Liquidity Scheme</span> </div> </a> <ul id="toc-Special_Liquidity_Scheme-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Asset_Purchase_Facility_(Quantitative_Easing)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Asset_Purchase_Facility_(Quantitative_Easing)"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2.3</span> <span>Asset Purchase Facility (Quantitative Easing)</span> </div> </a> <ul id="toc-Asset_Purchase_Facility_(Quantitative_Easing)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Participating_banks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Participating_banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Participating banks</span> </div> </a> <ul id="toc-Participating_banks-sublist" class="vector-toc-list"> <li id="toc-Royal_Bank_of_Scotland_(now_NatWest)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Royal_Bank_of_Scotland_(now_NatWest)"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.1</span> <span>Royal Bank of Scotland (now NatWest)</span> </div> </a> <ul id="toc-Royal_Bank_of_Scotland_(now_NatWest)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Lloyds_Banking_Group" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Lloyds_Banking_Group"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.2</span> <span>Lloyds Banking Group</span> </div> </a> <ul id="toc-Lloyds_Banking_Group-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bradford_&_Bingley" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Bradford_&_Bingley"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.3</span> <span>Bradford & Bingley</span> </div> </a> <ul id="toc-Bradford_&_Bingley-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Northern_Rock" 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class="vector-toc-numb">3.1</span> <span>2007</span> </div> </a> <ul id="toc-2007-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-UK_political_perspective" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#UK_political_perspective"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>UK political perspective</span> </div> </a> <ul id="toc-UK_political_perspective-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-International_perspective" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#International_perspective"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>International perspective</span> </div> </a> <button aria-controls="toc-International_perspective-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon 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rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile"><tbody><tr><td class="sidebar-pretitle">Part of a series on the</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="color: var(--color-base)">Major aspects</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></li> <li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a></li> <li><a href="/wiki/2000s_United_States_housing_bubble" title="2000s United States housing bubble">2000s United States housing bubble</a></li> <li><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s United States housing market correction</a></li> <li><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></li> <li><a href="/wiki/2008%E2%80%932010_automotive_industry_crisis" title="2008–2010 automotive industry crisis">2008–2010 automotive industry crisis</a></li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Wall Street Reform and Consumer Protection Act</a></li> <li><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Causes_of_the_Great_Recession" title="Causes of the Great Recession">Causes</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/Causes_of_the_European_debt_crisis" title="Causes of the European debt crisis">Causes of the European debt crisis</a></li> <li><a href="/wiki/Causes_of_the_2000s_United_States_housing_bubble" title="Causes of the 2000s United States housing bubble">Causes of the 2000s United States housing bubble</a></li> <li><a href="/wiki/Credit_rating_agencies_and_the_subprime_crisis" title="Credit rating agencies and the subprime crisis">Credit rating agencies and the subprime crisis</a></li> <li><a href="/wiki/Government_policies_and_the_subprime_mortgage_crisis" title="Government policies and the subprime mortgage crisis">Government policies and the subprime mortgage crisis</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Summit_meetings" class="mw-redirect" title="Summit meetings">Summit meetings</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/34th_G8_summit" title="34th G8 summit">34th G8 summit</a> (July 2008)</li> <li><a href="/wiki/2008_G-20_Washington_summit" class="mw-redirect" title="2008 G-20 Washington summit">G-20 Washington summit</a> (November 2008)</li> <li><a href="/wiki/APEC_Peru_2008" title="APEC Peru 2008">APEC Peru</a> (November 2008)</li> <li><a href="/wiki/China%E2%80%93Japan%E2%80%93South_Korea_trilateral_summit" title="China–Japan–South Korea trilateral summit">China–Japan–South Korea trilateral summit</a> (December 2008)</li> <li><a href="/wiki/2009_G-20_London_Summit" class="mw-redirect" title="2009 G-20 London Summit">G-20 London Summit</a> (April 2009)</li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Government response and policy proposals</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/2008_European_Union_stimulus_plan" title="2008 European Union stimulus plan">2008 European Union stimulus plan</a></li> <li><a href="/wiki/2008%E2%80%932009_Keynesian_resurgence" title="2008–2009 Keynesian resurgence">2008–2009 Keynesian resurgence</a></li> <li><a href="/wiki/American_Recovery_and_Reinvestment_Act_of_2009" title="American Recovery and Reinvestment Act of 2009">American Recovery and Reinvestment Act of 2009</a></li> <li><a href="/wiki/Banking_(Special_Provisions)_Act_2008" title="Banking (Special Provisions) Act 2008">Banking (Special Provisions) Act 2008</a></li> <li><a href="/wiki/Chinese_economic_stimulus_program" title="Chinese economic stimulus program">Chinese economic stimulus program</a></li> <li><a href="/wiki/Economic_Stimulus_Act_of_2008" title="Economic Stimulus Act of 2008">Economic Stimulus Act of 2008</a></li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act of 2008</a></li> <li><a href="/wiki/Federal_Reserve_responses_to_the_subprime_crisis" title="Federal Reserve responses to the subprime crisis">Federal Reserve responses to the subprime crisis</a></li> <li><a href="/wiki/Government_intervention_during_the_subprime_mortgage_crisis" title="Government intervention during the subprime mortgage crisis">Government intervention during the subprime mortgage crisis</a></li> <li><a href="/wiki/Green_New_Deal" title="Green New Deal">Green New Deal</a></li> <li><a href="/wiki/Housing_and_Economic_Recovery_Act_of_2008" title="Housing and Economic Recovery Act of 2008">Housing and Economic Recovery Act of 2008</a></li> <li><a href="/wiki/National_fiscal_policy_response_to_the_Great_Recession" class="mw-redirect" title="National fiscal policy response to the Great Recession">National fiscal policy response to the Great Recession</a></li> <li><a href="/wiki/Regulatory_responses_to_the_subprime_crisis" title="Regulatory responses to the subprime crisis">Regulatory responses to the subprime crisis</a></li> <li><a href="/wiki/Subprime_mortgage_crisis_solutions_debate" title="Subprime mortgage crisis solutions debate">Subprime mortgage crisis solutions debate</a></li> <li><a href="/wiki/Term_Asset-Backed_Securities_Loan_Facility" title="Term Asset-Backed Securities Loan Facility">Term Asset-Backed Securities Loan Facility</a></li> <li><a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession" title="List of banks acquired or bankrupted during the Great Recession">Business failures</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/American_International_Group" title="American International Group">American International Group</a></li> <li><a href="/wiki/Chrysler" title="Chrysler">Chrysler</a></li> <li><a href="/wiki/Citigroup" title="Citigroup">Citigroup</a></li> <li><a href="/wiki/Fannie_Mae" title="Fannie Mae">Fannie Mae</a></li> <li><a href="/wiki/Freddie_Mac" title="Freddie Mac">Freddie Mac</a></li> <li><a href="/wiki/General_Motors" title="General Motors">General Motors</a></li> <li><a href="/wiki/Collapse_of_Lehman_Brothers" class="mw-redirect" title="Collapse of Lehman Brothers">Lehman Brothers</a></li> <li><a href="/wiki/NatWest_Group" title="NatWest Group">Royal Bank of Scotland Group</a></li> <li><a href="/wiki/UBS" title="UBS">UBS</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Regions</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">Africa</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas" title="Great Recession in the Americas">Americas</a> <ul><li><a href="/wiki/Great_Recession_in_South_America" title="Great Recession in South America">South America</a></li> <li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_Asia" title="Great Recession in Asia">Asia</a></li> <li><a href="/wiki/Great_Recession_in_Europe" title="Great Recession in Europe">Europe</a></li> <li><a href="/wiki/Great_Recession_in_Oceania" title="Great Recession in Oceania">Oceania</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-below"> <a href="/wiki/Timeline_of_the_Great_Recession" title="Timeline of the Great Recession">Timeline</a></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" 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srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d2/Gordon_Brown_official_%28cropped_2%29.jpg/113px-Gordon_Brown_official_%28cropped_2%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d2/Gordon_Brown_official_%28cropped_2%29.jpg/150px-Gordon_Brown_official_%28cropped_2%29.jpg 2x" data-file-width="1773" data-file-height="2372" /></a></span></td> <td class="sidebar-person-title" style="background-color:#E4003B;color:white;"><div><span class="tmp-color" style="color:white">This article is part of <br />a series about</span></div><span class="vcard"><span class="fn"><a href="/wiki/Gordon_Brown" title="Gordon Brown"><span class="tmpl-colored-link" style="color: white; text-decoration: inherit;">Gordon Brown</span></a></span></span></td> </tr></tbody></table></th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Electoral_history_of_Gordon_Brown" title="Electoral history of Gordon Brown">Electoral history</a></li> <li><a href="/wiki/Kirkcaldy_and_Cowdenbeath_(UK_Parliament_constituency)" class="mw-redirect" title="Kirkcaldy and Cowdenbeath (UK Parliament constituency)">MP for Kirkcaldy and Cowdenbeath</a></li></ul> <hr /> <div style="font-weight: bold;line-height:normal;">Shadow Chancellor</div> <ul><li><a href="/wiki/Blair%E2%80%93Brown_deal" title="Blair–Brown deal">Blair–Brown deal</a></li></ul> <hr /> <div style="font-weight: bold;line-height:normal;">Chancellor of the Exchequer</div> <ul><li><a href="/wiki/Chancellorship_of_Gordon_Brown" title="Chancellorship of Gordon Brown">Chancellorship</a> <ul><li><a href="/wiki/1997_United_Kingdom_budget" title="1997 United Kingdom budget">1997 budget</a></li> <li><a href="/wiki/Winter_Fuel_Payment" title="Winter Fuel Payment">Winter Fuel Payment</a></li> <li><a href="/wiki/Five_economic_tests" title="Five economic tests">Five economic tests</a></li> <li><a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a></li> <li><a href="/wiki/10p_tax_rate" class="mw-redirect" title="10p tax rate">10p tax rate</a></li> <li><a href="/wiki/Sale_of_UK_gold_reserves,_1999%E2%80%932002" class="mw-redirect" title="Sale of UK gold reserves, 1999–2002">Sale of UK gold reserves, 1999–2002</a></li></ul></li></ul> <hr /> <div style="font-weight: bold;line-height:normal;">Policies</div> <ul><li><a href="/wiki/Brownism" title="Brownism">Brownism</a> <ul><li><a href="/wiki/New_Labour" title="New Labour">New Labour</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li></ul></li></ul> <hr /> <div style="font-weight: bold;line-height:normal;">Prime Minister of the United Kingdom</div> <ul><li><a href="/wiki/Premiership_of_Gordon_Brown" title="Premiership of Gordon Brown">Premiership</a></li> <li><a href="/wiki/2007_Labour_Party_leadership_election_(UK)" title="2007 Labour Party leadership election (UK)">2007 leadership election</a></li> <li><a href="/wiki/Brown_ministry" title="Brown ministry">Ministry</a></li> <li><a href="/wiki/Treaty_of_Lisbon" title="Treaty of Lisbon">Treaty of Lisbon</a></li> <li><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a> <ul><li><a href="/wiki/Bailout" title="Bailout">Bank rescue packages</a> <ul><li><a class="mw-selflink selflink">2008</a></li> <li><a href="/wiki/2009_United_Kingdom_bank_rescue_package" title="2009 United Kingdom bank rescue package">2009</a></li></ul></li></ul></li> <li><a href="/wiki/Climate_Change_Act_2008" title="Climate Change Act 2008">Climate Change Act 2008</a></li> <li><a href="/wiki/2009_European_Parliament_election_in_the_United_Kingdom" title="2009 European Parliament election in the United Kingdom">2009 European elections</a></li> <li><a href="/wiki/2010_United_Kingdom_general_election" title="2010 United Kingdom general election">2010 general election</a></li></ul> <hr /> <div style="font-weight: bold;line-height:normal;">Post–Prime Minister</div> <ul><li><a href="/wiki/2014_Scottish_independence_referendum" title="2014 Scottish independence referendum">2014 Scottish independence referendum</a></li></ul> <hr /> <div style="font-weight: bold;line-height:normal;">Bibliography</div> <ul><li><i><a href="/wiki/Courage:_Eight_Portraits" title="Courage: Eight Portraits">Courage: Eight Portraits</a></i></li> <li><i><a href="/wiki/Britain%27s_Everyday_Heroes" title="Britain's Everyday Heroes">Britain's Everyday Heroes</a></i></li> <li><i><a href="/wiki/The_Change_We_Choose" title="The Change We Choose">The Change We Choose</a></i></li> <li><i><a href="/wiki/Beyond_the_Crash" title="Beyond the Crash">Beyond the Crash</a></i></li> <li><i><a href="/wiki/My_Life,_Our_Times" title="My Life, Our Times">My Life, Our Times</a></i></li></ul> <hr /> <div class="skin-invert-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/Gordon_Brown" title="Gordon Brown's signature"><img alt="Gordon Brown's signature" src="//upload.wikimedia.org/wikipedia/en/thumb/2/24/Signature_of_Gordon_Brown.png/120px-Signature_of_Gordon_Brown.png" decoding="async" width="120" height="25" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/2/24/Signature_of_Gordon_Brown.png/180px-Signature_of_Gordon_Brown.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/2/24/Signature_of_Gordon_Brown.png/240px-Signature_of_Gordon_Brown.png 2x" data-file-width="907" data-file-height="192" /></a></span></div> <span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/59/Royal_Coat_of_Arms_of_the_United_Kingdom_%28HM_Government%29_%28St_Edwards_Crown%29.svg/50px-Royal_Coat_of_Arms_of_the_United_Kingdom_%28HM_Government%29_%28St_Edwards_Crown%29.svg.png" decoding="async" width="50" height="41" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/59/Royal_Coat_of_Arms_of_the_United_Kingdom_%28HM_Government%29_%28St_Edwards_Crown%29.svg/75px-Royal_Coat_of_Arms_of_the_United_Kingdom_%28HM_Government%29_%28St_Edwards_Crown%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/59/Royal_Coat_of_Arms_of_the_United_Kingdom_%28HM_Government%29_%28St_Edwards_Crown%29.svg/100px-Royal_Coat_of_Arms_of_the_United_Kingdom_%28HM_Government%29_%28St_Edwards_Crown%29.svg.png 2x" data-file-width="1530" data-file-height="1256" /></span></span></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Gordon_Brown_sidebar" title="Template:Gordon Brown sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Gordon_Brown_sidebar" title="Template talk:Gordon Brown sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Gordon_Brown_sidebar" title="Special:EditPage/Template:Gordon Brown sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In the period September 2007 to December 2009, during the <a href="/wiki/Global_Financial_Crisis" class="mw-redirect" title="Global Financial Crisis">Global Financial Crisis</a>, the UK government intervened financially to support the UK banking sector, and four UK banks in particular. </p><p>At its peak, the cash cost of these interventions was £137 billion, paid to the banks in the form of loans and new capital. Most of this outlay has been recouped over the years. As at October 2021, the UK <a href="/wiki/Office_for_Budget_Responsibility" title="Office for Budget Responsibility">Office for Budget Responsibility</a> reported the cost of these interventions as £33 billion, comprising a loss of £35.5 billion on the <a href="/wiki/NatWest_Group" title="NatWest Group">NatWest</a> (formerly <a href="/wiki/Royal_Bank_of_Scotland" title="Royal Bank of Scotland">Royal Bank of Scotland</a>) rescue, offset by some net gains elsewhere.<sup id="cite_ref-obr.uk_1-0" class="reference"><a href="#cite_note-obr.uk-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>The first public indication of the crisis was in February 2007, when HSBC issued its first-ever profit warning as a result of losses incurred by its U.S. consumer finance arm.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Later that year, in July 2007, two <a href="/wiki/Bear_Stearns" title="Bear Stearns">Bear Stearns</a> hedge funds became insolvent.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> There followed a series of global events that led to the seizure of interbank credit markets. The UK retail bank <a href="/wiki/Northern_Rock" title="Northern Rock">Northern Rock</a>, which relied heavily on short term funding, sought emergency assistance from the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>. When this arrangement was publicised, the bank experienced the first run on a British bank in 150 years. In news reported around the world, customers of the bank were shown queuing outside branches to withdraw their deposits. In an effort to stop the panic, on 17 September 2007, the then UK <a href="/wiki/Chancellor_of_the_Exchequer" title="Chancellor of the Exchequer">Chancellor of the Exchequer</a>, Alistair Darling, announced the government would guarantee all Northern Rock deposits. </p><p>From September 2007 to December 2009, the UK Government made further interventions to support the banking sector, and specifically to RBS (now <a href="/wiki/NatWest_Group" title="NatWest Group">NatWest</a>), <a href="/wiki/Lloyds_Banking_Group" title="Lloyds Banking Group">Lloyds Banking Group</a> (LBG), Bradford & Bingley as well as Northern Rock. Northern Rock and Bradford & Bingley were both taken into full public ownership; RBS was taken into majority public ownership; and the government took a minority stake in LBG.<sup id="cite_ref-researchbriefings.files.parliament.uk_4-0" class="reference"><a href="#cite_note-researchbriefings.files.parliament.uk-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>In addition to cash support, the UK government enacted a number of other schemes involving financial guarantees with the aim of restoring confidence in the banking sector. These were contingent liabilities that did not involve cash outlays. The <a href="/wiki/National_Audit_Office_(United_Kingdom)" title="National Audit Office (United Kingdom)">National Audit Office</a> (NAO) estimated that total guarantees added up to over £1 trillion at peak support. As these guarantees were gradually withdrawn or expired, the outstanding sum under guarantee stood at £14 billion as at 31 March 2018.<sup id="cite_ref-researchbriefings.files.parliament.uk_4-1" class="reference"><a href="#cite_note-researchbriefings.files.parliament.uk-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Subsequently, broadly similar measures were introduced by the United States and the European Union in response to the financial crisis.<sup id="cite_ref-Langley2015_5-0" class="reference"><a href="#cite_note-Langley2015-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background">Background</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=1" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></div> <style data-mw-deduplicate="TemplateStyles:r1224211176">.mw-parser-output .quotebox{background-color:#F9F9F9;border:1px solid #aaa;box-sizing:border-box;padding:10px;font-size:88%;max-width:100%}.mw-parser-output .quotebox.floatleft{margin:.5em 1.4em .8em 0}.mw-parser-output .quotebox.floatright{margin:.5em 0 .8em 1.4em}.mw-parser-output .quotebox.centered{overflow:hidden;position:relative;margin:.5em auto .8em auto}.mw-parser-output .quotebox.floatleft span,.mw-parser-output .quotebox.floatright span{font-style:inherit}.mw-parser-output .quotebox>blockquote{margin:0;padding:0;border-left:0;font-family:inherit;font-size:inherit}.mw-parser-output .quotebox-title{text-align:center;font-size:110%;font-weight:bold}.mw-parser-output .quotebox-quote>:first-child{margin-top:0}.mw-parser-output .quotebox-quote:last-child>:last-child{margin-bottom:0}.mw-parser-output .quotebox-quote.quoted:before{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" “ ";vertical-align:-45%;line-height:0}.mw-parser-output .quotebox-quote.quoted:after{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" ” ";line-height:0}.mw-parser-output .quotebox .left-aligned{text-align:left}.mw-parser-output .quotebox .right-aligned{text-align:right}.mw-parser-output .quotebox .center-aligned{text-align:center}.mw-parser-output .quotebox .quote-title,.mw-parser-output .quotebox .quotebox-quote{display:block}.mw-parser-output .quotebox cite{display:block;font-style:normal}@media screen and (max-width:640px){.mw-parser-output .quotebox{width:100%!important;margin:0 0 .8em!important;float:none!important}}</style><div class="quotebox pullquote floatright" style="width:22%; ;"> <blockquote class="quotebox-quote left-aligned" style=""> <p>So why not let the banks fail? </p><p>In normal times, provided it is handled carefully, a bank can fail. It happened with Barings in the 1990s and BCCI in 1992, and there had been smaller bank failures in the 1970s. In the US, bank failures are commonplace. Provided savers' money can be guaranteed, and provided investors can be reconciled to losing money, then it is all manageable. But I was in no doubt that these were not normal times. The risk of one bank collapsing and taking all the others with it was acute. I suppose it could have been tried, but I would not have wanted to be responsible for the economic and social catastrophe that might follow. </p><p>Alistair Darling </p><p>UK Chancellor of the Exchequer 2007–2010 </p><p>"Back from the brink" 2011 </p> </blockquote> </div> <div class="mw-heading mw-heading3"><h3 id="July_2007_to_September_2008">July 2007 to September 2008</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=2" title="Edit section: July 2007 to September 2008"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The first public indication of the crisis was in February 2007, when HSBC issued its first-ever profit warning as a result of losses incurred by its U.S. consumer finance arm.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Later that year, in July 2007, two <a href="/wiki/Bear_Stearns" title="Bear Stearns">Bear Stearns</a> hedge funds became insolvent,<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> and in August 2007, French bank <a href="/wiki/BNP_Paribas" title="BNP Paribas">BNP Paribas</a> froze three investment funds. </p><p>These events initiated a seizure in the wholesale interbank credit markets. On 14 August 2007 the FSA disclosed concerns about the UK mortgage bank <a href="/wiki/Northern_Rock" title="Northern Rock">Northern Rock</a>, which relied heavily on such markets in its funding model, to <a href="/wiki/HM_Treasury" title="HM Treasury">HM Treasury</a> and the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>. On 13 September the <a href="/wiki/BBC" title="BBC">BBC</a> reported that Northern Rock had been granted emergency financial support by the Bank of England in its role as lender of last resort. This triggered the first run on a UK bank in 150 years, that was ended only when HM Treasury announced, on 20 September, that the UK government would guarantee all existing Northern Rock retail deposits. The following month, the guarantee was extended to all new deposits. In February 2008, Northern Rock was taken into full public ownership. </p><p>In April 2008, the Bank of England launched the <a href="#Special_Liquidity_Scheme">Special Liquidity Scheme</a>, allowing banks to swap mortgage-backed assets for Treasury bonds, so providing more trusted collateral for accessing market liquidity. The same month, Royal Bank of Scotland launched a £12 billion rights issue to supplement its equity capital. </p><p>In September 2008, the US government launched bail-out rescues of the US mortgage lenders Fannie Mae (<a href="/wiki/Federal_National_Mortgage_Association" class="mw-redirect" title="Federal National Mortgage Association">Federal National Mortgage Association</a>) and Freddie Mac (<a href="/wiki/Federal_Home_Loan_Mortgage_Corporation" class="mw-redirect" title="Federal Home Loan Mortgage Corporation">Federal Home Loan Mortgage Corporation</a>). </p> <div class="mw-heading mw-heading3"><h3 id="September_2008_–_collapse_of_Lehman_Brothers"><span id="September_2008_.E2.80.93_collapse_of_Lehman_Brothers"></span>September 2008 – collapse of Lehman Brothers</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=3" title="Edit section: September 2008 – collapse of Lehman Brothers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Bankruptcy_of_Lehman_Brothers" title="Bankruptcy of Lehman Brothers">Bankruptcy of Lehman Brothers</a></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:25_Bank_Street_Plaque.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/25_Bank_Street_Plaque.jpg/220px-25_Bank_Street_Plaque.jpg" decoding="async" width="220" height="142" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/25_Bank_Street_Plaque.jpg/330px-25_Bank_Street_Plaque.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/05/25_Bank_Street_Plaque.jpg/440px-25_Bank_Street_Plaque.jpg 2x" data-file-width="473" data-file-height="306" /></a><figcaption>Ceremonial plaque from the opening of Lehman Brothers’ European HQ in Canary Wharf in 2004. Later, in 2010, this would be auctioned by the Lehman administrators for £28,750<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>In 2008 Lehman Brothers was the fourth largest US investment bank, with worldwide operations. Its two principal business units were the broker dealers Lehman Brothers Inc (LBI), based in New York, and Lehman Brothers International (Europe) (LBIE), based in London. </p><p>The cash resources of the Lehman Group were managed centrally in New York by the parent company, Lehman Brothers Holdings Inc. (LBHI). Following a deterioration in LBHI's financial position, on the afternoon of Sunday 14 September 2008, the directors of Lehman Brothers International (Europe) Ltd (LBIE) sought assurances from LBHI that payments due to be made on its behalf on the following business day would be made. At approximately 12.30 am on 15 September, LBHI informed LBIE that it was preparing to file for <a href="/wiki/Chapter_11,_Title_11,_United_States_Code" title="Chapter 11, Title 11, United States Code">Chapter 11 Bankruptcy protection</a> under US law and that it was therefore no longer in a position to make payments to or on behalf of LBIE. Accordingly, overnight preparations were made for a number of UK based Lehman companies to protect their interests by seeking an <a href="/wiki/Administration_Order" class="mw-redirect" title="Administration Order">Administration Order</a> under UK law. This order was granted by a UK judge at 7.56 am on Monday 15 September 2008.<sup id="cite_ref-pwc.co.uk_11-0" class="reference"><a href="#cite_note-pwc.co.uk-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>The immediate impact of the failure of the LBIE business in particular included 142,000 unsettled securities trades to which LBIE was a counterparty, of which approximately 83,500 were trades to be settled in Europe, 45,000 in Asia and 12,500 in the US. There were gross assets (i.e. grossed up for <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateral</a> and Client Assets<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup>)totalling $628 billion and gross liabilities of $611 billion, which after counterparty and cross product netting and eliminating amounts relating to trust property, reduced to assets of $49.5 billion and liabilities of $32.6 billion. These were frozen and would remain so for several years. </p><p>The Lehman collapse initiated a period of significant market turmoil. This was caused by complex financial interrelationships between the major banks, since assets on the Lehman balance sheet were inaccessible by counterparties, creating a domino effect in financial markets. </p> <div class="mw-heading mw-heading3"><h3 id="Failure_of_HBOS_and_Lloyds_takeover">Failure of HBOS and Lloyds takeover</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=4" title="Edit section: Failure of HBOS and Lloyds takeover"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Following the market disruption caused by the Lehman collapse, attention turned to <a href="/wiki/HBOS" title="HBOS">HBOS</a>, then the UK's largest mortgage lender. </p><p>The bank had first appeared on the HM Treasury watch list after the Northern Rock problems surfaced, when it became clear that the HBOS funding model closely resembled that of Northern Rock. The bank was offering highly competitive and unprofitable housing market loans, combined with aggressive and high risk commercial lending. By July 2008, profits had halved and bad debts were up by a third.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>On 16 September HBOS saw 33 per cent of its value wiped out in a single day. The <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a> (FSA), the UK financial services regulator, responded by imposing a temporary ban on <a href="/wiki/Short_selling" class="mw-redirect" title="Short selling">short selling</a> of shares. At the same time, the UK government brokered an agreement with Lloyds Bank to acquire HBOS in a private sector deal. This was announced three days after the Lehman Brothers collapse, on 18 September. </p> <div class="mw-heading mw-heading3"><h3 id="Preparation_of_the_recapitalisation_plan">Preparation of the recapitalisation plan</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=5" title="Edit section: Preparation of the recapitalisation plan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>By the end of September 2008, <a href="/wiki/Mervyn_King,_Baron_King_of_Lothbury" title="Mervyn King, Baron King of Lothbury">Mervyn King</a>, Governor of the Bank of England, <a href="/wiki/Adair_Turner" class="mw-redirect" title="Adair Turner">Adair Turner</a>, Chairman of the FSA, and Alistair Darling agreed that plans needed to be prepared for the recapitalisation of the banking system. Until that point, the crisis had primarily been one of liquidity, but the problem had now shifted to one of lack of capital. The only realistic source of new capital was the UK government.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Darling instructed the Treasury to prepare a recapitalisation plan that envisaged the injection of billions of pounds into UK banks in return for equity. This would be financed by UK government bond sales. </p> <div class="mw-heading mw-heading3"><h3 id="Royal_Bank_of_Scotland_imminent_collapse">Royal Bank of Scotland imminent collapse</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=6" title="Edit section: Royal Bank of Scotland imminent collapse"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 7 October 2008, following a 35% plunge in the bank's share price, dealing in the bank's shares was suspended. The bank Chairman, <a href="/wiki/Tom_McKillop" title="Tom McKillop">Tom McKillop</a>, contacted the Chancellor of the Exchequer, Alistair Darling, to advise that the bank was within hours of running out of money. Darling later observed that </p> <blockquote><p>When dealings in bank shares are suspended it is all over. I knew the bank was finished, in the most spectacular way possible. The game was up. If the markets could give up on RBS, one of the largest banks in the world, all bets on Britain's and the world's financial system were off.</p></blockquote> <p>This was the decisive event that triggered the implementation of the recapitalisation plan. </p> <div class="mw-heading mw-heading2"><h2 id="Detailed_support_measures">Detailed support measures</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=7" title="Edit section: Detailed support measures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The intervention plan provided for several sources of funding to be made available to an aggregate total of £137 billion in cash injections and loans at peak, and a further £1,029 billion in guarantees at peak. As at October 2021, the OBR reported the current cost of these interventions as £33 billion, comprising a loss of £35.5 billion on the NatWest (formerly Royal Bank of Scotland) rescue, offset by some net gains elsewhere. </p> <div class="mw-heading mw-heading3"><h3 id="Cash_support">Cash support</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=8" title="Edit section: Cash support"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Through the Bank Recapitalisation Fund, the government bought a combination of <a href="/wiki/Ordinary_shares" class="mw-redirect" title="Ordinary shares">ordinary shares</a> and <a href="/wiki/Preference_shares" class="mw-redirect" title="Preference shares">preference shares</a> in the affected <a href="/wiki/Bank" title="Bank">banks</a>. The amount and proportion of the stake taken in any one bank was negotiated with the individual bank. Banks that accepted rescue packages had restrictions on <a href="/wiki/Executive_pay" class="mw-redirect" title="Executive pay">executive pay</a> and <a href="/wiki/Dividend" title="Dividend">dividends</a> to existing shareholders, as well as a mandate to offer reasonable credit to homeowners and small businesses.<sup id="cite_ref-Central_15-0" class="reference"><a href="#cite_note-Central-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> The long-term government plan was to offset the cost of this program by receiving dividends from these shares,<sup id="cite_ref-Treasury_16-0" class="reference"><a href="#cite_note-Treasury-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> and in the long run, to sell the shares after a market recovery.<sup id="cite_ref-Central_15-1" class="reference"><a href="#cite_note-Central-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> This plan covered the possibility of underwriting new issues of shares by any participating bank.<sup id="cite_ref-Treasury_16-1" class="reference"><a href="#cite_note-Treasury-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> The plan was characterised as, in effect, <a href="/wiki/Nationalization" title="Nationalization">full or partial nationalisation</a>.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>As at October 2021, the overall breakdown of cash support to banks and other entities was reported by the OBR to comprise the following: </p> <table class="wikitable"> <caption>£ billions </caption> <tbody><tr> <th></th> <th>Lloyds</th> <th>NatWest</th> <th>UKAR</th> <th>FSCS</th> <th>CGS</th> <th>SLS</th> <th>Other</th> <th>Total </th></tr> <tr> <td>Cash outlays at peak </td> <td align="right">-20.5 </td> <td align="right">- 45.8 </td> <td align="right">- 44.1 </td> <td align="right">- 20.9 </td> <td align="right">0.0 </td> <td align="right">0.0 </td> <td align="right">- 5.3 </td> <td align="right"><b>- 136.6</b> </td></tr> <tr> <td>Principal repayments </td> <td align="right">21.1 </td> <td align="right">8.9 </td> <td align="right">43.7 </td> <td align="right">20.9 </td> <td align="right">0.0 </td> <td align="right">0.0 </td> <td align="right">5.3 </td> <td align="right"><b>99.9</b> </td></tr> <tr> <td>Other fees received </td> <td align="right">3.2 </td> <td align="right">6.4 </td> <td align="right">11.9 </td> <td align="right">3.5 </td> <td align="right">4.3 </td> <td align="right">2.3 </td> <td align="right">0.3 </td> <td align="right"><b>31.8</b> </td></tr> <tr> <td><b>Net cash position</b> </td> <td align="right"><b>3.8</b> </td> <td align="right"><b>- 30.5</b> </td> <td align="right"><b>11.5</b> </td> <td align="right"><b>3.5</b> </td> <td align="right"><b>4.3</b> </td> <td align="right"><b>2.3</b> </td> <td align="right"><b>0.2</b> </td> <td align="right"><b>5.0</b> </td></tr> <tr> <td>Outstanding payments </td> <td align="right">0.0 </td> <td align="right">0.0 </td> <td align="right">0.0 </td> <td align="right">0.0 </td> <td align="right">0.0 </td> <td align="right">0.0 </td> <td align="right">0.1 </td> <td align="right"><b>0.1</b> </td></tr> <tr> <td>Market value </td> <td align="right">0.0 </td> <td align="right">13.0 </td> <td align="right">5.4 </td> <td align="right">0.0 </td> <td align="right">0.0 </td> <td align="right">0.0 </td> <td align="right">0.0 </td> <td align="right"><b>18.4</b> </td></tr> <tr> <td>Implied balance </td> <td align="right">3.8 </td> <td align="right">-17.5 </td> <td align="right">16.9 </td> <td align="right">3.5 </td> <td align="right">4.3 </td> <td align="right">2.3 </td> <td align="right">0.3 </td> <td align="right"><b>13.5</b> </td></tr> <tr> <td>Exchequer financing </td> <td align="right">- 4.5 </td> <td align="right">- 18.0 </td> <td align="right">- 14.5 </td> <td align="right">- 9.3 </td> <td align="right">0.0 </td> <td align="right">0.4 </td> <td align="right">0.6 </td> <td align="right"><b>- 46.5</b> </td></tr> <tr> <td><b>Overall balance</b> </td> <td align="right"><b>- 0.8</b> </td> <td align="right"><b>- 35.5</b> </td> <td align="right"><b>2.4</b> </td> <td align="right"><b>- 5.8</b> </td> <td align="right"><b>4.3</b> </td> <td align="right"><b>2.7</b> </td> <td align="right"><b>- 0.3</b> </td> <td align="right"><b>- 33.0</b> </td></tr> </tbody></table> <p><b>source</b>: OBR Economic and fiscal outlook October 2021 <sup id="cite_ref-obr.uk_1-1" class="reference"><a href="#cite_note-obr.uk-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p><b>Notes</b> </p> <ul><li><b>UKAR</b>: <a href="/wiki/UK_Asset_Resolution" title="UK Asset Resolution">UK Asset Resolution</a> – managed UK government holdings in Bradford & Bingley and <a href="/wiki/Northern_Rock_Asset_Management_plc" class="mw-redirect" title="Northern Rock Asset Management plc">Northern Rock Asset Management plc</a> prior to their sale.</li> <li><b>FSCS</b>: <a href="/wiki/Financial_Services_Compensation_Scheme" title="Financial Services Compensation Scheme">Financial Services Compensation Scheme</a> – the UK's statutory deposit insurance and investors' compensation scheme for customers of authorised financial services firms.</li> <li><b>CGS</b>: Credit Guarantee Scheme – a scheme introduced in 2008 allowing banks to issue debt guaranteed by the government. The scheme closed in October 2012.</li> <li><b>SLS</b>: Special Liquidity Scheme – designed to allow easier access to market liquidity by using UK Treasury securities as collateral. The scheme closed in January 2012.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Other_support_schemes">Other support schemes</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=9" title="Edit section: Other support schemes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Credit_Guarantee_Scheme">Credit Guarantee Scheme</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=10" title="Edit section: Credit Guarantee Scheme"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Credit Guarantee Scheme formed part of the UK government's banking intervention measures announced on 8 October 2008, becoming operational on 13 October 2008. </p><p>The scheme was designed to allow banks to issue debt guaranteed by the government, with the intention of enabling them to borrow more, and more cheaply, and hence lend more. </p><p>The banks that participated in the scheme included RBS, Lloyds, Barclays, Bank of Scotland, Nationwide Building Society, Clydesdale Bank, Tesco Personal Finance, Yorkshire Building Society, and Skipton Building Society. </p><p>The Scheme was closed to new issuance on 28 February 2010 and was finally closed when the final guarantee expired on 26 October 2012.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Special_Liquidity_Scheme">Special Liquidity Scheme</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=11" title="Edit section: Special Liquidity Scheme"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Special Liquidity Scheme (SLS) was launched by the Bank of England on 21 April 2008. </p><p>The SLS allowed banks to swap mortgage-backed and other securities for UK Treasury Bills. This was designed to allow easier access to market liquidity by using UK Treasury securities as collateral. The background to the scheme was the market closure for many securities, leaving assets on bank balance sheets which were unable to be sold or to be pledged as security to raise funds. This contributed to a market seizure where banks became reluctant to make new loans, even to each other. </p><p>Under the SLS banks were provided with the means to swap illiquid assets, such as mortgage-backed securities, of designated quality for Treasury Bills. The SLS had three key features: </p> <ul><li>The asset swaps were long term, with each swap for a period of 1 year and a renewal option for up to 3 years.</li> <li>Banks retained responsibility for losses on their loans</li> <li>The SLS was only available for existing assets as at the end of 2007; the scheme could not be used to finance new lending.</li></ul> <p>The SLS was closed in January 2012 when the last of the SLS transactions expired.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Asset_Purchase_Facility_(Quantitative_Easing)"><span id="Asset_Purchase_Facility_.28Quantitative_Easing.29"></span>Asset Purchase Facility (Quantitative Easing)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=12" title="Edit section: Asset Purchase Facility (Quantitative Easing)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Bank of England Asset Purchase Facility, more commonly known as <a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a> (QE), was introduced in 2009.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>This was primarily designed as an instrument of monetary policy. The mechanism required the Bank of England to purchase government bonds on the secondary market, financed by the creation of new <a href="/wiki/Central_bank_money" class="mw-redirect" title="Central bank money">central bank money</a>. This would have the effect of increasing the asset prices of the bonds purchased, thereby lowering yields and dampening longer term interest rates. The aim of the policy was initially to ease liquidity constraints in the sterling reserves system, but evolved into a wider policy to provide economic stimulus. </p><p>QE was enacted in six tranches between 2009 and 2020. At its peak in 2020, the portfolio totalled £895 billion, comprising £875 billion of UK government bonds and £20 billion of high grade commercial bonds. </p><p>In February 2022 the Bank of England announced its intention to commence winding down the QE portfolio.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Initially this would be achieved by not replacing tranches of maturing bonds, and would later be accelerated through active bond sales. </p><p>In August 2022 the Bank of England reiterated its intention to accelerate the QE wind down through active bond sales. This policy was affirmed in an exchange of letters between the Bank of England and the UK Chancellor of the Exchequer in September 2022.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Between February 2022 and September 2022, a total of £37.1bn of government bonds matured, reducing the outstanding stock from £875.0bn at the end of 2021 to £837.9bn. In addition, a total of £1.1bn of corporate bonds matured, reducing the stock from £20.0bn to £18.9bn, with sales of the remaining stock planned to begin on 27 September. </p><p>On 28 September 2022 the Bank of England issued a Market Notice announcing its intention to "carry out purchases of long dated gilts in a temporary and targeted way".<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> This was in response to market conditions in which the sterling exchange rate and bond asset pricing were significantly disrupted following a UK government fiscal statement.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> The Bank stated its announcement would apply to conventional gilts of residual maturity greater than 20 years in the secondary market. The existing constraints applicable to QE bond purchases would continue to apply. The funding of the purchases would be met from central bank reserves, but would be segregated in a different portfolio from existing asset purchases. The Bank also announced that its annual £80bn target to reduce the existing QE portfolio remained unchanged but, in the light of current market conditions, the beginning of gilt sale operations would be postponed to 31 October 2022.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Participating_banks">Participating banks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=13" title="Edit section: Participating banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1224211176"><div class="quotebox pullquote floatright" style="width:22%; ;"> <blockquote class="quotebox-quote left-aligned" style=""> <p>[The banks] did have a lot of questions and they wanted to understand the fine detail. It was obvious that they wanted the government guarantee to underpin their lending and to expand the special liquidity scheme, but they were less keen on raising capital. I said they could not have the one without the other. I said, we proposed to make available £50 billion. The FSA would decide how much each bank needed to raise. They would then have a choice: they could raise it themselves on the markets, or if they couldn't, we would provide it in return for a shareholding. </p><p><a href="/wiki/Alistair_Darling" title="Alistair Darling">Alistair Darling</a> </p><p>Chancellor of the Exchequer 2007–2010 </p><p>"Back from the brink" 2011 </p> </blockquote> </div> <p>The plan was open to all UK incorporated banks and all building societies, including the following: <a href="/wiki/Abbey_National" title="Abbey National">Abbey</a>, <a href="/wiki/Barclays" title="Barclays">Barclays</a>, <a href="/wiki/Clydesdale_Bank" title="Clydesdale Bank">Clydesdale Bank</a>, <a href="/wiki/HBOS" title="HBOS">HBOS</a>, <a href="/wiki/HSBC" title="HSBC">HSBC</a>, <a href="/wiki/Lloyds_Bank" title="Lloyds Bank">Lloyds</a>, <a href="/wiki/Nationwide_Building_Society" title="Nationwide Building Society">Nationwide Building Society</a>, <a href="/wiki/NatWest_Group" title="NatWest Group">Royal Bank of Scotland</a>, and <a href="/wiki/Standard_Chartered" title="Standard Chartered">Standard Chartered</a>.<sup id="cite_ref-Central_15-2" class="reference"><a href="#cite_note-Central-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>The extent to which different banks participated varied according to their needs. <a href="/wiki/HSBC" title="HSBC">HSBC</a> Group issued a statement announcing it was injecting £750 m of capital into the UK bank and therefore has "no plans to utilise the UK government's recapitalisation initiative ... [as] the Group remains one of the most strongly capitalised and liquid banks in the world".<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Standard_Chartered" title="Standard Chartered">Standard Chartered</a> also declared its support for the scheme but its intention not to participate in the capital injection element.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Barclays" title="Barclays">Barclays</a> raised its own new capital from private investors.<sup id="cite_ref-BBC-37_28-0" class="reference"><a href="#cite_note-BBC-37-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Royal_Bank_of_Scotland_(now_NatWest)"><span id="Royal_Bank_of_Scotland_.28now_NatWest.29"></span>Royal Bank of Scotland (now NatWest)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=14" title="Edit section: Royal Bank of Scotland (now NatWest)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The total UK government investment in RBS was £45.8 billion, with public ownership peaking at 84%.<sup id="cite_ref-researchbriefings.files.parliament.uk_4-2" class="reference"><a href="#cite_note-researchbriefings.files.parliament.uk-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>After announcing the recapitalisation measures in October 2008, the UK Government purchased an initial tranche of RBS shares in December 2008 totalling £20 billion; it then converted preference shares into ordinary shares in April 2009 and purchased a final tranche of shares in December 2009, taking the final total to £45.5 billion. The average price per share paid by the Treasury was 499 pence, after receiving income from redeeming the preference shares. </p><p>In August 2015 the UK government began the process of selling its RBS shares. It sold a 5.4% stake at an average of 330p per share. This brought its shareholding down to 72.9%. This transaction represented a loss of £1.9 billion (£1.1 billion excluding financing) to UK taxpayers.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>A second sale took place in June 2018, when the UK government disposed of second tranche of shares, representing a 7.7% stake, at an average price of 271p per share. This brought its shareholding down to 62.4%. In both cases, the government sold well below the average price of 499p per share it had paid, with the June 2018 transaction representing a loss of £2.1 billion to UK taxpayers.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>In March 2021 the UK government sold a further tranche of 590 million shares in NatWest at a price of 190.5p per share. This was followed by an announcement in July 2021 that the UK government would carry out open market sales in NatWest for a year from August 2021. By January 2022, it had sold 170.4 million shares in the NatWest Group totalling about £420 million, reducing its stake in the bank to 51%.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>After further sales in 2022, the UK government's RBS shareholding reduced below 50% for the first time since 2008, from 51% to 48.1%. This involved 550 million shares in NatWest at an average price of 220.5p per share, realising £1.2 billion.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Lloyds_Banking_Group">Lloyds Banking Group</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=15" title="Edit section: Lloyds Banking Group"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/HBOS" title="HBOS">HBOS</a> and <a href="/wiki/Lloyds_Banking_Group" title="Lloyds Banking Group">Lloyds</a> together raised £17 billion, £8.5 billion in preference shares and a further £8.5 billion issue of ordinary shares. The Fund purchased the preference shares outright, for a total £13.5 billion investment, and <a href="/wiki/Underwriting" title="Underwriting">underwrote</a> the issues of ordinary shares.<sup id="cite_ref-BBC-37_28-1" class="reference"><a href="#cite_note-BBC-37-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Bradford_&_Bingley"><span id="Bradford_.26_Bingley"></span>Bradford & Bingley</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=16" title="Edit section: Bradford & Bingley"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Bradford & Bingley was nationalised by the UK government on 29 September 2008. </p><p>The bank was divided into two businesses after the takeover. The depositor base of 2.7m customers and its network of 197 leasehold branches were sold to <a href="/wiki/Santander_Bank" title="Santander Bank">Santander Bank</a> for £612 million.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>The Bradford & Bingley mortgage book, along with its equivalent at Northern Rock (Asset Management) were brought together under a single holding company, UK Asset Resolution (UKAR).<sup id="cite_ref-researchbriefings.files.parliament.uk_4-3" class="reference"><a href="#cite_note-researchbriefings.files.parliament.uk-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Northern_Rock">Northern Rock</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=17" title="Edit section: Northern Rock"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Northern_Rock_Queue.jpg" class="mw-file-description"><img alt="A number of people queuing at the door of a branch of the Northern Rock bank." src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Northern_Rock_Queue.jpg/220px-Northern_Rock_Queue.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Northern_Rock_Queue.jpg/330px-Northern_Rock_Queue.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Northern_Rock_Queue.jpg/440px-Northern_Rock_Queue.jpg 2x" data-file-width="2592" data-file-height="1944" /></a><figcaption>People queuing at a branch of the <a href="/wiki/Northern_Rock" title="Northern Rock">Northern Rock</a> bank in <a href="/wiki/Brighton" title="Brighton">Brighton</a> on 14 September 2007.</figcaption></figure> <p>The Bank of England extended emergency loans totalling £25 billion to Northern Rock after it was unable to continue funding its loan book with wholesale financing in 2007. This triggered a public run on the bank. Attempts were made to find a private sector buyer.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> When these failed, <a href="/wiki/Nationalisation_of_Northern_Rock" title="Nationalisation of Northern Rock">Northern Rock was nationalised</a> in February 2008. </p><p>After further losses emerged, <a href="/wiki/HM_Treasury" title="HM Treasury">HM Treasury</a> devised a strategy to divide Northern Rock into a "good bank" and "bad bank." The "good bank" was Northern Rock plc, which was responsible for holding and servicing all pre-existing customer savings accounts and some pre-existing mortgage accounts. Northern Rock plc received additional capital of £1.4 billion of equity from the UK government. The strategy was to prepare the bank for sale into the private sector. </p><p>The "bad bank" was Northern Rock (Asset Management) plc, which held and serviced the closed mortgage book. On 1 October 2010, the UK government established of UK Asset Resolution as a holding company to manage and run down the assets of Northern Rock (Asset Management) plc alongside those of Bradford & Bingley. </p><p>On 1 January 2012, Virgin Money purchased Northern Rock plc, and in July 2012 additionally purchased a substantial tranche of Northern Rock (Asset Management) mortgages from UKAR. </p> <div class="mw-heading mw-heading2"><h2 id="Timeline">Timeline</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=18" title="Edit section: Timeline"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="2007">2007</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=19" title="Edit section: 2007"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable"> <tbody><tr> <th>Date</th> <th>Event</th> <th>Description </th></tr> <tr> <td align="left">8 February 2007 </td> <td align="left">HSBC profit warning </td> <td align="left">UK bank HSBC issues the first profit warning in its 142 year history. </td></tr> <tr> <td align="left">17 July 2007 </td> <td align="left">Bear Stearns losses </td> <td align="left">US Investment Bank Bear Stearns announces losses on two hedge funds. </td></tr> <tr> <td align="left">9 Aug 2007 </td> <td align="left">French bank BNP Paribas freezes three investment funds </td> <td align="left">French bank BNP Paribas freezes three investment funds dues to its exposure in the sub-prime mortgage market. The ECB injects 5 billion euros into the credit market to improve liquidity. </td></tr> <tr> <td align="left">14 Aug 2007 </td> <td align="left">FSA discloses concerns about Northern Rock </td> <td align="left">The Financial Services Authority discloses concerns about Northern Rock plc to HM Treasury and the Bank of England. </td></tr> <tr> <td align="left">1 September 2007 </td> <td align="left">Northern Rock plc takes emergency loan from the Bank of England </td> <td align="left">The Bank of England provides an emergency borrowing facility to Northern Rock plc, due to its funding problems in the wholesale money market. </td></tr> <tr> <td align="left">13 September 2007 </td> <td align="left">BBC reports Northern Rock emergency loan </td> <td align="left">BBC News At Ten Business Editor Robert Peston reports details of the Bank of England emergency borrowing facility to Northern Rock plc. </td></tr> <tr> <td align="left">14 September 2007 </td> <td align="left">Run on Northern Rock begins </td> <td align="left">Queues form at Northern Rock branches as depositors withdraw their savings, in the first run on a UK bank in 150 years. </td></tr> <tr> <td align="left">17 September 2007 </td> <td align="left">Chancellor announces guarantee of Northern Rock deposits </td> <td align="left">UK Chancellor Alistair Darling announces that the UK government will guarantee all existing Northern Rock deposits. </td></tr> <tr> <td align="left">19 September 2007 </td> <td align="left">Bank of England announces credit injection </td> <td align="left">The Bank of England announces an injection of £10 billion into credit markets in an attempt to bring down 3 month inter-bank interest rates. </td></tr> <tr> <td align="left">9 October 2007 </td> <td align="left">Extended protection for Northern Rock depositors </td> <td align="left">HM Treasury announces that the UK government guarantee would apply to all Northern Rock retail deposits after 19 September. </td></tr> </tbody></table> <div class="mw-heading mw-heading2"><h2 id="UK_political_perspective">UK political perspective</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=20" title="Edit section: UK political perspective"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Alistair_Darling" title="Alistair Darling">Alistair Darling</a>, the <a href="/wiki/Chancellor_of_the_Exchequer" title="Chancellor of the Exchequer">Chancellor of the Exchequer</a>, told the <a href="/wiki/House_of_Commons_of_the_United_Kingdom" title="House of Commons of the United Kingdom">House of Commons</a> in a statement on 8 October 2008 that the proposals were "designed to restore confidence in the banking system", and that the funding would "put the banks on a stronger footing".<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> Prime Minister <a href="/wiki/Gordon_Brown" title="Gordon Brown">Gordon Brown</a> suggested that the government's actions had 'led the way' for other nations to follow whilst <a href="/wiki/Shadow_Chancellor" class="mw-redirect" title="Shadow Chancellor">Shadow Chancellor</a> <a href="/wiki/George_Osborne" title="George Osborne">George Osborne</a> stated that "This is the final chapter of the age of irresponsibility and it's absolutely extraordinary that a government has been driven by events to today's announcement"; in addition to offering opposition support for the plan.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p><p>Darling said in 2018 that the country was hours away from a breakdown of law and order if the Royal Bank of Scotland had not been bailed out and people could not access money.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="International_perspective">International perspective</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=21" title="Edit section: International perspective"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Central_banks">Central banks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=22" title="Edit section: Central banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 8 October 2008 there was a strategic and co-ordinated global effort by seven central banks to calm the financial crisis, by cutting interest rates by 0.5%. The banks were all members of the <a href="/wiki/OECD" title="OECD">OECD</a> and included the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> and the <a href="/wiki/US_Federal_Reserve" class="mw-redirect" title="US Federal Reserve">US Federal Reserve</a> along with central banks in China, Switzerland, Canada and Sweden. </p> <div class="mw-heading mw-heading3"><h3 id="Comparison_with_U.S._TARP">Comparison with U.S. TARP</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=23" title="Edit section: Comparison with U.S. TARP"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The British rescue plan differed from the initial United States' $700 billion bailout under the <a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act of 2008</a>, which was announced on 3 October and entitled the <a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a> (TARP). The £50bn being invested by the UK Government saw them purchasing shares in the banks, whereas the American program was primarily devoted to the <a href="/wiki/U.S._government" class="mw-redirect" title="U.S. government">U.S. government</a> purchasing the mortgage backed securities of the American banks which were not able to be sold in the secondary mortgage securities market. The U.S. program required the U.S. government to take an equity interest in financial organisations selling their securities into the TARP<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> but did not address the fundamental <a href="/wiki/Solvency" title="Solvency">solvency</a> problem faced by the banking sector; rather was aimed at tackling the immediate funding shortfall. The UK package tackled both solvency, through the £50bn recapitalisation plan, and funding, through the government guarantee for banks' debt issuances and the expansion of the Bank of England's Special Liquidity Scheme. Announced on 14 October, the U.S. subsequently undertook investments in banks through the <a href="/wiki/Capital_Purchase_Program" title="Capital Purchase Program">Capital Purchase Program</a> and the <a href="/wiki/FDIC" class="mw-redirect" title="FDIC">FDIC</a> guaranteed banks' debt through the Temporary Lending Guarantee Program.<sup id="cite_ref-Langley2015_5-1" class="reference"><a href="#cite_note-Langley2015-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="International_reactions">International reactions</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=24" title="Edit section: International reactions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a>, writing in his column for <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>, stated that "Mr Brown and Alistair Darling, the Chancellor of the Exchequer have defined the character of the worldwide rescue effort, with other wealthy nations playing catch-up." He also stated that "Luckily for the world economy,... Gordon Brown and his officials are making sense,... And they may have shown us the way through this crisis."<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> Other commentators noted that although the capitalist model should have allowed inefficient businesses to go bust, the banks were "too big to fail".<sup id="cite_ref-theguardian.com_41-0" class="reference"><a href="#cite_note-theguardian.com-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>The British banking bail-out example was closely followed by the rest of Europe, as well as the U.S Government, who on 14 October 2008 announced a $250bn (£143bn) <a href="/wiki/Capital_Purchase_Program" title="Capital Purchase Program">Capital Purchase Program</a> to buy stakes in a wide variety of banks in an effort to restore confidence in the sector. The money came from the $700bn bail-out package approved by U.S. lawmakers earlier that month.<sup id="cite_ref-Langley2015_5-2" class="reference"><a href="#cite_note-Langley2015-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>A wave of international action to address the financial crisis affected stock markets around the world. Although shares in the affected banks fell, the <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones</a> went up by more than 900 points, or 11.1 per cent, while London shares also bounced back, with the <a href="/wiki/FTSE_100_Index" title="FTSE 100 Index">FTSE 100 Index</a> closing more than 8 per cent higher on 13 October 2008. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=25" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Government_intervention_during_the_subprime_mortgage_crisis" title="Government intervention during the subprime mortgage crisis">Government intervention during the subprime mortgage crisis</a></li> <li><a href="/wiki/Banking_(Special_Provisions)_Act_2008" title="Banking (Special Provisions) Act 2008">Banking (Special Provisions) Act 2008</a></li> <li><a href="/wiki/2009_United_Kingdom_bank_rescue_package" title="2009 United Kingdom bank rescue package">2009 United Kingdom bank rescue package</a></li> <li><a href="/wiki/UK_Financial_Investments" title="UK Financial Investments">UK Financial Investments</a></li> <li><a href="/wiki/List_of_banks_in_the_United_Kingdom" title="List of banks in the United Kingdom">List of banks in the United Kingdom</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=26" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-obr.uk-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-obr.uk_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-obr.uk_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://obr.uk//docs/dlm_uploads/CCS1021486854-001_OBR-EFO-October-2021_CS_Web-Accessible_v2.pdf">"Office for Budget Responsibility: Economic and fiscal outlook – October 2021"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/Office_for_Budget_Responsibility" title="Office for Budget Responsibility">Office for Budget Responsibility</a></i>. October 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Office+for+Budget+Responsibility&rft.atitle=Office+for+Budget+Responsibility%3A+Economic+and+fiscal+outlook+%E2%80%93+October+2021&rft.date=2021-10&rft_id=https%3A%2F%2Fobr.uk%2F%2Fdocs%2Fdlm_uploads%2FCCS1021486854-001_OBR-EFO-October-2021_CS_Web-Accessible_v2.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2007/02/08/business/worldbusiness/08iht-hsbc.4526511.html">"U.S. loan problems shake HSBC – Business – International Herald Tribune"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=U.S.+loan+problems+shake+HSBC+%E2%80%93+Business+%E2%80%93+International+Herald+Tribune&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2007%2F02%2F08%2Fbusiness%2Fworldbusiness%2F08iht-hsbc.4526511.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.investopedia.com/articles/07/bear-stearns-collapse.asp">"Dissecting the Bear Stearns Hedge Fund Collapse"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Dissecting+the+Bear+Stearns+Hedge+Fund+Collapse&rft_id=https%3A%2F%2Fwww.investopedia.com%2Farticles%2F07%2Fbear-stearns-collapse.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-researchbriefings.files.parliament.uk-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-researchbriefings.files.parliament.uk_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-researchbriefings.files.parliament.uk_4-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-researchbriefings.files.parliament.uk_4-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-researchbriefings.files.parliament.uk_4-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMor2018" class="citation web cs1">Mor, Federico (8 October 2018). <a rel="nofollow" class="external text" href="https://researchbriefings.files.parliament.uk/documents/SN05748/SN05748.pdf">"Bank rescues of 2007–09: outcomes and cost"</a> <span class="cs1-format">(PDF)</span>. <i>UK Parliament</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220922125520/https://researchbriefings.files.parliament.uk/documents/SN05748/SN05748.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 22 September 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=UK+Parliament&rft.atitle=Bank+rescues+of+2007%E2%80%9309%3A+outcomes+and+cost&rft.date=2018-10-08&rft.aulast=Mor&rft.aufirst=Federico&rft_id=https%3A%2F%2Fresearchbriefings.files.parliament.uk%2Fdocuments%2FSN05748%2FSN05748.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-Langley2015-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-Langley2015_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Langley2015_5-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Langley2015_5-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLangley2015" class="citation book cs1">Langley, Paul (2015). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=FhGaBQAAQBAJ&pg=PA82"><i>Liquidity Lost: The Governance of the Global Financial Crisis</i></a>. Oxford University Press. pp. 82–86. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0199683789" title="Special:BookSources/978-0199683789"><bdi>978-0199683789</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Liquidity+Lost%3A+The+Governance+of+the+Global+Financial+Crisis&rft.pages=82-86&rft.pub=Oxford+University+Press&rft.date=2015&rft.isbn=978-0199683789&rft.aulast=Langley&rft.aufirst=Paul&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DFhGaBQAAQBAJ%26pg%3DPA82&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/financialcrisis/3182598/Financial-crisis-Gordon-Brown-urges-EU-to-follow-Britains-lead.html">"Financial crisis: Gordon Brown urges EU leaders to follow Britain's lead"</a>. <i>The Telegraph</i>. 12 October 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">2 February</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Telegraph&rft.atitle=Financial+crisis%3A+Gordon+Brown+urges+EU+leaders+to+follow+Britain%27s+lead&rft.date=2008-10-12&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Ffinancialcrisis%2F3182598%2FFinancial-crisis-Gordon-Brown-urges-EU-to-follow-Britains-lead.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/financialcrisis/3190687/Gordon-Browns-plan-is-model-for-EU-response-to-financial-crisis.html">"Gordon Brown's plan is model for EU response to financial crisis"</a>. <i>The Telegraph</i>. 13 October 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">2 February</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Telegraph&rft.atitle=Gordon+Brown%27s+plan+is+model+for+EU+response+to+financial+crisis&rft.date=2008-10-13&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Ffinancialcrisis%2F3190687%2FGordon-Browns-plan-is-model-for-EU-response-to-financial-crisis.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2007/02/08/business/worldbusiness/08iht-hsbc.4526511.html">"U.S. loan problems shake HSBC – Business – International Herald Tribune"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=U.S.+loan+problems+shake+HSBC+%E2%80%93+Business+%E2%80%93+International+Herald+Tribune&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2007%2F02%2F08%2Fbusiness%2Fworldbusiness%2F08iht-hsbc.4526511.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.investopedia.com/articles/07/bear-stearns-collapse.asp">"Dissecting the Bear Stearns Hedge Fund Collapse"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Dissecting+the+Bear+Stearns+Hedge+Fund+Collapse&rft_id=https%3A%2F%2Fwww.investopedia.com%2Farticles%2F07%2Fbear-stearns-collapse.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFReyburn2010" class="citation web cs1">Reyburn, Scott (29 September 2010). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2010-09-29/lehman-signs-fetch-111-700-in-london-as-collectors-vie-for-bank-souvenirs">"Lehman Brothers Signs Sell for $111,700 in London"</a>. <i>bloomberg.com</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160311005150/http://www.bloomberg.com/news/articles/2010-09-29/lehman-signs-fetch-111-700-in-london-as-collectors-vie-for-bank-souvenirs">Archived</a> from the original on 11 March 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=bloomberg.com&rft.atitle=Lehman+Brothers+Signs+Sell+for+%24111%2C700+in+London&rft.date=2010-09-29&rft.aulast=Reyburn&rft.aufirst=Scott&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2010-09-29%2Flehman-signs-fetch-111-700-in-london-as-collectors-vie-for-bank-souvenirs&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-pwc.co.uk-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-pwc.co.uk_11-0">^</a></b></span> <span class="reference-text">Lehman Brothers International (Europe) Ltd – Joint Administrators' Proposals for Achieving the Purpose of Administration 28 October 2008 at <a rel="nofollow" class="external free" href="http://www.pwc.co.uk/eng/issues/lehmans_administrators_proposal.html">http://www.pwc.co.uk/eng/issues/lehmans_administrators_proposal.html</a></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.handbook.fca.org.uk/handbook/glossary/G160.html">"client money – FCA Handbook"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=client+money+%E2%80%93+FCA+Handbook&rft_id=https%3A%2F%2Fwww.handbook.fca.org.uk%2Fhandbook%2Fglossary%2FG160.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">Back from the brink, Alistair Darling, 2011, ISBN 9 780 85789 279 9 P.114-5</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">Back from the brink, Alistair Darling, 2011, ISBN 9 780 85789 279 9 P.140-141</span> </li> <li id="cite_note-Central-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-Central_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Central_15-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Central_15-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/business/7658277.stm">"Central banks cut interest rates"</a>. <i>BBC News</i>. 8 October 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081010162154/http://news.bbc.co.uk/1/hi/business/7658277.stm">Archived</a> from the original on 10 October 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">8 October</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=BBC+News&rft.atitle=Central+banks+cut+interest+rates&rft.date=2008-10-08&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F1%2Fhi%2Fbusiness%2F7658277.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-Treasury-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-Treasury_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Treasury_16-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDarling2008" class="citation web cs1">Darling, Alastair (8 October 2008). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081011062730/http://www.hm-treasury.gov.uk/statement_chx_081008.htm">"Statement by the Chancellor on financial stability"</a>. HM treasury. Archived from <a rel="nofollow" class="external text" href="http://www.hm-treasury.gov.uk/statement_chx_081008.htm">the original</a> on 11 October 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">9 October</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Statement+by+the+Chancellor+on+financial+stability&rft.pub=HM+treasury&rft.date=2008-10-08&rft.aulast=Darling&rft.aufirst=Alastair&rft_id=http%3A%2F%2Fwww.hm-treasury.gov.uk%2Fstatement_chx_081008.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWearden2008" class="citation news cs1">Wearden, Graeme (8 October 2008). <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2008/oct/08/creditcrunch.banking">"Government to spend £50bn to part-nationalise UK's banks"</a>. <i>The Guardian</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081009234701/http://www.guardian.co.uk/business/2008/oct/08/creditcrunch.banking">Archived</a> from the original on 9 October 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">8 October</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Government+to+spend+%C2%A350bn+to+part-nationalise+UK%27s+banks&rft.date=2008-10-08&rft.aulast=Wearden&rft.aufirst=Graeme&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2008%2Foct%2F08%2Fcreditcrunch.banking&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.dmo.gov.uk/responsibilities/guarantee-schemes/credit-guarantee-scheme/">"Credit Guarantee Scheme"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Credit+Guarantee+Scheme&rft_id=https%3A%2F%2Fwww.dmo.gov.uk%2Fresponsibilities%2Fguarantee-schemes%2Fcredit-guarantee-scheme%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohnRobertsWeeken2012" class="citation web cs1">John, Sarah; Roberts, Matt; Weeken, Olaf (2012). <a rel="nofollow" class="external text" href="https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2012/the-boes-special-liquidity-scheme.pdf">"The Bank of England's Special Liquidity Scheme"</a> <span class="cs1-format">(PDF)</span>. <i>Bank of England</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Bank+of+England&rft.atitle=The+Bank+of+England%27s+Special+Liquidity+Scheme&rft.date=2012&rft.aulast=John&rft.aufirst=Sarah&rft.au=Roberts%2C+Matt&rft.au=Weeken%2C+Olaf&rft_id=https%3A%2F%2Fwww.bankofengland.co.uk%2F-%2Fmedia%2Fboe%2Ffiles%2Fquarterly-bulletin%2F2012%2Fthe-boes-special-liquidity-scheme.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bankofengland.co.uk/monetary-policy/quantitative-easing">"Quantitative easing"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Quantitative+easing&rft_id=https%3A%2F%2Fwww.bankofengland.co.uk%2Fmonetary-policy%2Fquantitative-easing&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bankofengland.co.uk/letter/2022/apf-letters-february-2022">"Exchange of letters between the Governor and the Chancellor on the Asset Purchase Facility – February 2022"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Exchange+of+letters+between+the+Governor+and+the+Chancellor+on+the+Asset+Purchase+Facility+%E2%80%93+February+2022&rft_id=https%3A%2F%2Fwww.bankofengland.co.uk%2Fletter%2F2022%2Fapf-letters-february-2022&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bankofengland.co.uk/letter/2022/september/quantitative-tightening-asset-sales-september-2022">"Exchange of letters between the Governor and the Chancellor on the Asset Purchase Facility – September 2022"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Exchange+of+letters+between+the+Governor+and+the+Chancellor+on+the+Asset+Purchase+Facility+%E2%80%93+September+2022&rft_id=https%3A%2F%2Fwww.bankofengland.co.uk%2Fletter%2F2022%2Fseptember%2Fquantitative-tightening-asset-sales-september-2022&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bankofengland.co.uk/markets/market-notices/2022/september/market-notice-28-september-2022-gilt-market-operations">"Gilt Market Operations – Market Notice 28 September 2022"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Gilt+Market+Operations+%E2%80%93+Market+Notice+28+September+2022&rft_id=https%3A%2F%2Fwww.bankofengland.co.uk%2Fmarkets%2Fmarket-notices%2F2022%2Fseptember%2Fmarket-notice-28-september-2022-gilt-market-operations&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.co.uk/news/business-63030208">"Pound hits record low after tax cut plans"</a>. <i>BBC News</i>. 26 September 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=Pound+hits+record+low+after+tax+cut+plans&rft.date=2022-09-26&rft_id=https%3A%2F%2Fwww.bbc.co.uk%2Fnews%2Fbusiness-63030208&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bankofengland.co.uk/news/2022/september/bank-of-england-announces-gilt-market-operation">"Bank of England announces gilt market operation"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Bank+of+England+announces+gilt+market+operation&rft_id=https%3A%2F%2Fwww.bankofengland.co.uk%2Fnews%2F2022%2Fseptember%2Fbank-of-england-announces-gilt-market-operation&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.hsbc.com/1/2/newsroom/news/news-archive-2008/capital-base-of-hsbc-uk-strengthened">Capital base of HSBC UK strengthened</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081120152527/http://www.hsbc.com/1/2/newsroom/news/news-archive-2008/capital-base-of-hsbc-uk-strengthened">Archived</a> 2008-11-20 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, 9 October 2008</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://investors.standardchartered.com/releasedetail.cfm?releaseid=339065">Standard Chartered welcomes UK Government announcement</a> 8 October 2008</span> </li> <li id="cite_note-BBC-37-28"><span class="mw-cite-backlink">^ <a href="#cite_ref-BBC-37_28-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-BBC-37_28-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/business/7666570.stm">"UK banks receive £37bn bail-out"</a>. BBC News Online. 13 October 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081014050751/http://news.bbc.co.uk/1/hi/business/7666570.stm">Archived</a> from the original on 14 October 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">13 October</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=UK+banks+receive+%C2%A337bn+bail-out&rft.pub=BBC+News+Online&rft.date=2008-10-13&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F1%2Fhi%2Fbusiness%2F7666570.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMorse2017" class="citation web cs1">Morse, Amyas (21 June 2017). <a rel="nofollow" class="external text" href="https://www.nao.org.uk/wp-content/uploads/2017/07/The-first-sale-of-shares-in-Royal-Bank-of-Scotland.pdf">"The first sale of shares in Royal Bank of Scotland"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/National_Audit_Office_(United_Kingdom)" title="National Audit Office (United Kingdom)">National Audit Office</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220922164452/https://www.nao.org.uk/wp-content/uploads/2017/07/The-first-sale-of-shares-in-Royal-Bank-of-Scotland.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 22 September 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=National+Audit+Office&rft.atitle=The+first+sale+of+shares+in+Royal+Bank+of+Scotland&rft.date=2017-06-21&rft.aulast=Morse&rft.aufirst=Amyas&rft_id=https%3A%2F%2Fwww.nao.org.uk%2Fwp-content%2Fuploads%2F2017%2F07%2FThe-first-sale-of-shares-in-Royal-Bank-of-Scotland.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/content/5d8eab1e-6889-11e8-b6eb-4acfcfb08c11">"UK government takes £2.1bn loss with RBS stake sale"</a>. <i>Financial Times</i>. 5 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=UK+government+takes+%C2%A32.1bn+loss+with+RBS+stake+sale&rft.date=2018-06-05&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F5d8eab1e-6889-11e8-b6eb-4acfcfb08c11&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://investors.natwestgroup.com/share-data/equity-ownership-statistics">"Equity ownership statistics"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Equity+ownership+statistics&rft_id=https%3A%2F%2Finvestors.natwestgroup.com%2Fshare-data%2Fequity-ownership-statistics&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gov.uk/government/news/landmark-12-billion-share-sale-sees-government-stake-in-natwest-group-reduced-to-below-50-for-first-time-since-financial-crisis">"Landmark £1.2 billion share sale sees Government stake in NatWest Group reduced to below 50% for first time since financial crisis"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Landmark+%C2%A31.2+billion+share+sale+sees+Government+stake+in+NatWest+Group+reduced+to+below+50%25+for+first+time+since+financial+crisis&rft_id=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fnews%2Flandmark-12-billion-share-sale-sees-government-stake-in-natwest-group-reduced-to-below-50-for-first-time-since-financial-crisis&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.business-live.co.uk/professional-services/banking-finance/winners-losers-bradford--bingley-3955874">"Winners and losers in the Bradford & Bingley takeover"</a>. 29 September 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Winners+and+losers+in+the+Bradford+%26+Bingley+takeover&rft.date=2008-09-29&rft_id=https%3A%2F%2Fwww.business-live.co.uk%2Fprofessional-services%2Fbanking-finance%2Fwinners-losers-bradford--bingley-3955874&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.reuters.com/article/uk-northern-rock-loans-idUKWLB423920071206">"Northern Rock loan hits 25 BLN pounds"</a>. <i>Reuters</i>. 6 December 2007.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Northern+Rock+loan+hits+25+BLN+pounds&rft.date=2007-12-06&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fuk-northern-rock-loans-idUKWLB423920071206&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://publications.parliament.uk/pa/cm200708/cmhansrd/cm081008/debtext/81008-0004.htm#08100877000003">"Hansard"</a>. Hansard. 6 October 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081012093521/http://www.publications.parliament.uk/pa/cm200708/cmhansrd/cm081008/debtext/81008-0004.htm">Archived</a> from the original on 12 October 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">10 October</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Hansard&rft.pub=Hansard&rft.date=2008-10-06&rft_id=https%3A%2F%2Fpublications.parliament.uk%2Fpa%2Fcm200708%2Fcmhansrd%2Fcm081008%2Fdebtext%2F81008-0004.htm%2308100877000003&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarker2008" class="citation web cs1">Barker, Alex (8 October 2008). <a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/0/a3fb9670-951c-11dd-aedd-000077b07658.html?nclick_check=1">"Brown says UK leads world with rescue"</a>. <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a><span class="reference-accessdate">. Retrieved <span class="nowrap">8 October</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Brown+says+UK+leads+world+with+rescue&rft.pub=Financial+Times&rft.date=2008-10-08&rft.aulast=Barker&rft.aufirst=Alex&rft_id=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fa3fb9670-951c-11dd-aedd-000077b07658.html%3Fnclick_check%3D1&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.stuff.co.nz/business/world/104295018/britain-was-hours-from-breakdown-of-law-and-order-during-gfc-exchancellor">"Britain was hours from breakdown of law and order during GFC: Ex-chancellor"</a>. Stuff (Fairfax). 29 May 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Britain+was+hours+from+breakdown+of+law+and+order+during+GFC%3A+Ex-chancellor&rft.pub=Stuff+%28Fairfax%29&rft.date=2018-05-29&rft_id=https%3A%2F%2Fwww.stuff.co.nz%2Fbusiness%2Fworld%2F104295018%2Fbritain-was-hours-from-breakdown-of-law-and-order-during-gfc-exchancellor&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://edition.cnn.com/2008/BUSINESS/10/08/uk.bailout.questions/index.html">"Q&A: How will the UK bailout work?"</a>. CNN. 8 October 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081008230621/http://edition.cnn.com/2008/BUSINESS/10/08/uk.bailout.questions/index.html">Archived</a> from the original on 8 October 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">8 October</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Q%26A%3A+How+will+the+UK+bailout+work%3F&rft.pub=CNN&rft.date=2008-10-08&rft_id=http%3A%2F%2Fedition.cnn.com%2F2008%2FBUSINESS%2F10%2F08%2Fuk.bailout.questions%2Findex.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2008/10/13/opinion/13krugman.html?_r=0">"Gordon Does Good"</a>. <i>The New York Times</i>. 12 October 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">5 February</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Gordon+Does+Good&rft.date=2008-10-12&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2008%2F10%2F13%2Fopinion%2F13krugman.html%3F_r%3D0&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/economics/3189371/Paul-Krugman-wins-Nobel-economics-prize-and-praises-Gordon-Brown.html">"Paul Krugman wins Nobel economics prize and praises Gordon Brown"</a>. <i>The Telegraph</i>. 13 October 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">5 February</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Telegraph&rft.atitle=Paul+Krugman+wins+Nobel+economics+prize+and+praises+Gordon+Brown&rft.date=2008-10-13&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Feconomics%2F3189371%2FPaul-Krugman-wins-Nobel-economics-prize-and-praises-Gordon-Brown.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> <li id="cite_note-theguardian.com-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-theguardian.com_41-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2018/sep/09/have-the-too-big-to-fail-banks-really-met-their-waterloo">"Have the 'too big to fail' banks really met their Waterloo? | Richard Partington"</a>. <i><a href="/wiki/TheGuardian.com" class="mw-redirect" title="TheGuardian.com">TheGuardian.com</a></i>. 9 September 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=TheGuardian.com&rft.atitle=Have+the+%27too+big+to+fail%27+banks+really+met+their+Waterloo%3F+%26%23124%3B+Richard+Partington&rft.date=2018-09-09&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2018%2Fsep%2F09%2Fhave-the-too-big-to-fail-banks-really-met-their-waterloo&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2008+United+Kingdom+bank+rescue+package" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2008_United_Kingdom_bank_rescue_package&action=edit&section=27" title="Edit section: External 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class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Great_Recession" title="Template:Great Recession"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Great_Recession" title="Template talk:Great Recession"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Great_Recession" title="Special:EditPage/Template:Great Recession"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Great_Recession" style="font-size:114%;margin:0 4em"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">By region</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">Africa</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas" title="Great Recession in the Americas">Americas</a> <ul><li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li> <li><a href="/wiki/Great_Recession_in_South_America" title="Great Recession in South America">South America</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_Asia" title="Great Recession in Asia">Asia</a></li> <li><a href="/wiki/Great_Recession_in_Europe" title="Great Recession in Europe">Europe</a> <ul><li><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">Iceland</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_Oceania" title="Great Recession in Oceania">Oceania</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">United States-specific</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Automotive_industry_crisis_of_2008%E2%80%932010" class="mw-redirect" title="Automotive industry crisis of 2008–2010">Automotive industry crisis</a></li> <li><a href="/wiki/2008%E2%80%932012_California_budget_crisis" title="2008–2012 California budget crisis">California budget crisis</a></li> <li><a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">Housing bubble</a></li> <li><a href="/wiki/United_States_housing_market_correction" class="mw-redirect" title="United States housing market correction">Housing market correction</a></li> <li><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking losses and fraud</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Libor_scandal" title="Libor scandal">Libor scandal</a> <ul><li><a href="/wiki/Tom_Hayes_(trader)" title="Tom Hayes (trader)">Tom Hayes</a></li></ul></li> <li><a href="/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss" title="2008 Société Générale trading loss">Société Générale trading loss</a></li> <li><a href="/wiki/Forex_scandal" title="Forex scandal">Forex scandal</a></li> <li><a href="/wiki/Bernie_Madoff" title="Bernie Madoff">Bernie Madoff</a></li> <li><a href="/wiki/Tom_Petters" title="Tom Petters">Tom Petters</a></li> <li><a href="/wiki/Scott_W._Rothstein" title="Scott W. Rothstein">Scott W. Rothstein</a></li> <li><a href="/wiki/Allen_Stanford" title="Allen Stanford">Allen Stanford</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government entities</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_Financial_Protection_Bureau" title="Consumer Financial Protection Bureau">Consumer Financial Protection Bureau</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a></li> <li><a href="/wiki/Federal_Home_Loan_Banks" title="Federal Home Loan Banks">Federal Home Loan Banks</a></li> <li><a href="/wiki/Federal_Housing_Administration" title="Federal Housing Administration">Federal Housing Administration</a></li> <li><a href="/wiki/Federal_Housing_Finance_Agency" title="Federal Housing Finance Agency">Federal Housing Finance Agency</a></li> <li><a href="/wiki/Federal_Housing_Finance_Board" title="Federal Housing Finance Board">Federal Housing Finance Board</a></li> <li><a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a></li> <li><a href="/wiki/Government_National_Mortgage_Association" title="Government National Mortgage Association">Government National Mortgage Association</a></li> <li><a href="/wiki/National_Asset_Management_Agency" title="National Asset Management Agency">National Asset Management Agency</a></li> <li><a href="/wiki/Office_of_Federal_Housing_Enterprise_Oversight" title="Office of Federal Housing Enterprise Oversight">Office of Federal Housing Enterprise Oversight</a></li> <li><a href="/wiki/Assistant_Secretary_of_the_Treasury_for_Financial_Stability" title="Assistant Secretary of the Treasury for Financial Stability">Office of Financial Stability</a></li> <li><a href="/wiki/UK_Financial_Investments" title="UK Financial Investments">UK Financial Investments</a></li></ul> </div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible autocollapse navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Government_policy_and_spending_responses" style="font-size:114%;margin:0 4em">Government policy and spending responses</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking and finance<br /> stability and reform</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banking_(Special_Provisions)_Act_2008" title="Banking (Special Provisions) Act 2008">Banking (Special Provisions) Act 2008</a></li> <li><a href="/wiki/China%E2%80%93Japan%E2%80%93South_Korea_trilateral_summit" title="China–Japan–South Korea trilateral summit">China–Japan–South Korea trilateral summit</a></li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a></li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Wall Street Reform and Consumer Protection Act</a></li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act of 2008</a></li> <li><a href="/wiki/Irish_emergency_budget,_2009" class="mw-redirect" title="Irish emergency budget, 2009">Irish emergency budget, 2009</a></li> <li><a href="/wiki/Temporary_Liquidity_Guarantee_Program" title="Temporary Liquidity Guarantee Program">Temporary Liquidity Guarantee Program</a></li> <li><a href="/wiki/Term_Asset-Backed_Securities_Loan_Facility" title="Term Asset-Backed Securities Loan Facility">Term Asset-Backed Securities Loan Facility</a></li> <li><a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a></li> <li><a class="mw-selflink selflink">2008 United Kingdom bank rescue package</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th id="Bank_stress_tests" scope="row" class="navbox-group" style="width:1%">Bank stress tests</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2010_European_Union_bank_stress_test" title="2010 European Union bank stress test">EU</a></li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">U.S.</a></li></ul> </div></td></tr></tbody></table><div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Stimulus and recovery</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0;background: #f7f7f7;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2008_European_Union_stimulus_plan" title="2008 European Union stimulus plan">2008 European Union stimulus plan</a></li> <li><a href="/wiki/2008%E2%80%932009_Keynesian_resurgence" title="2008–2009 Keynesian resurgence">2008–2009 Keynesian resurgence</a></li> <li><a href="/wiki/American_Recovery_and_Reinvestment_Act_of_2009" title="American Recovery and Reinvestment Act of 2009">American Recovery and Reinvestment Act of 2009</a></li> <li><a href="/wiki/Chinese_economic_stimulus_program" title="Chinese economic stimulus program">Chinese economic stimulus program</a></li> <li><a href="/wiki/Economic_Stimulus_Act_of_2008" title="Economic Stimulus Act of 2008">Economic Stimulus Act of 2008</a></li> <li><a href="/wiki/Fraud_Enforcement_and_Recovery_Act_of_2009" title="Fraud Enforcement and Recovery Act of 2009">Fraud Enforcement and Recovery Act of 2009</a></li> <li><a href="/wiki/Green_New_Deal" title="Green New Deal">Green New Deal</a></li> <li><a href="/wiki/Housing_and_Economic_Recovery_Act_of_2008" title="Housing and Economic Recovery Act of 2008">Housing and Economic Recovery Act of 2008</a></li> <li><a href="/wiki/National_fiscal_policy_response_to_the_Great_Recession" class="mw-redirect" title="National fiscal policy response to the Great Recession">National fiscal policy response to the Great Recession</a></li> <li><a href="/wiki/Zero_interest-rate_policy" title="Zero interest-rate policy">Zero interest-rate policy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government interventions,<br /> rescues, and acquisitions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0;background: transparent;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession" title="List of banks acquired or bankrupted during the Great Recession">List of banks acquired or bankrupted during the Great Recession</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th id="Non-banking" scope="row" class="navbox-group" style="width:1%">Non-banking</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Chrysler" title="Chrysler">Chrysler</a></li> <li><a href="/wiki/General_Motors" title="General Motors">General Motors</a></li></ul> </div></td></tr></tbody></table><div> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Securities involved <br /> and financial markets</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Auction_rate_security" title="Auction rate security">Auction rate securities</a></li> <li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligations</a></li> <li><a href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligations</a></li> <li><a href="/wiki/Credit_default_swap" title="Credit default swap">Credit default swaps</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed securities</a></li> <li><a href="/wiki/Secondary_mortgage_market" title="Secondary mortgage market">Secondary mortgage market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Social responses</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tea_Party_protests" title="Tea Party protests">Tea Party protests</a> (United States; c. 2009)</li> <li><a href="/wiki/2009_May_Day_protests" title="2009 May Day protests">2009 May Day protests</a> (Europe, Middle East and North Africa, Asia; 2009)</li> <li><a href="/wiki/Arab_Spring" title="Arab Spring">Arab Spring</a> (MENA; 2010–2012)</li> <li><a href="/wiki/Occupy_movement" title="Occupy movement">Occupy movement</a> (worldwide; 2011–2012) <ul><li><a href="/wiki/Occupy_Wall_Street" title="Occupy Wall Street">Occupy Wall Street</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> <ul><li><a href="/wiki/2008_Central_Asia_energy_crisis" title="2008 Central Asia energy crisis">2008 Central Asia energy crisis</a></li></ul></li> <li><a href="/wiki/Effects_of_the_Great_Recession_on_museums" title="Effects of the Great Recession on museums">Effects of the Great Recession on museums</a></li> <li><a href="/wiki/Decline_of_newspapers" title="Decline of newspapers">Decline of newspapers</a></li> <li><a href="/wiki/2007%E2%80%932008_world_food_price_crisis" title="2007–2008 world food price crisis">2007–2008 world food price crisis</a></li> <li><a href="/wiki/Retail_apocalypse" title="Retail apocalypse">Retail apocalypse</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></li> <li><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></li> <li><a href="/wiki/List_of_countries_by_public_debt" class="mw-redirect" title="List of countries by public debt">List of countries by public debt</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economy_of_the_United_Kingdom" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economy_of_the_United_Kingdom" title="Template:Economy of the United Kingdom"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economy_of_the_United_Kingdom" title="Template talk:Economy of the United Kingdom"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economy_of_the_United_Kingdom" title="Special:EditPage/Template:Economy of the United Kingdom"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economy_of_the_United_Kingdom" style="font-size:114%;margin:0 4em"><a href="/wiki/Economy_of_the_United_Kingdom" title="Economy of the United Kingdom">Economy of the United Kingdom</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:center">Companies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/British_co-operative_movement" title="British co-operative movement">Co-operatives</a></li> <li><a href="/wiki/Category:Employee-owned_companies_of_the_United_Kingdom" title="Category:Employee-owned companies of the United Kingdom">Employee-owned companies</a></li> <li><a href="/wiki/FTSE_100_Index" title="FTSE 100 Index">FTSE 100 Index</a></li> <li><a href="/wiki/FTSE_250_Index" title="FTSE 250 Index">FTSE 250 Index</a></li> <li><a href="/wiki/FTSE_Fledgling_Index" title="FTSE Fledgling Index">FTSE Fledgling Index</a></li> <li><a href="/wiki/FTSE_SmallCap_Index" title="FTSE SmallCap Index">FTSE SmallCap Index</a></li> <li><a href="/wiki/Category:Government-owned_companies_of_the_United_Kingdom" title="Category:Government-owned companies of the United Kingdom">Government-owned companies</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:center">Currency,<br />governance,<br />regulation</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> <ul><li><a href="/wiki/Governor_of_the_Bank_of_England" title="Governor of the Bank of England">Governor of the Bank of England</a></li> <li><a href="/wiki/Monetary_Policy_Committee_(United_Kingdom)" title="Monetary Policy Committee (United Kingdom)">Monetary Policy Committee</a></li></ul></li> <li><a href="/wiki/Budget_of_the_United_Kingdom" title="Budget of the United Kingdom">Budget</a></li> <li><a href="/wiki/United_Kingdom_company_law" title="United Kingdom company law">Company law</a></li> <li><a href="/wiki/Competition_and_Markets_Authority" title="Competition and Markets Authority">Competition and Markets Authority</a></li> <li><a href="/wiki/Department_for_Business_and_Trade" title="Department for Business and Trade">Department for Business and Trade</a></li> <li><a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a></li> <li><a href="/wiki/Gilt-edged_securities" title="Gilt-edged securities">Gilts</a></li> <li><a href="/wiki/HM_Revenue_%26_Customs" class="mw-redirect" title="HM Revenue & Customs">HM Revenue & Customs</a></li> <li><a href="/wiki/HM_Treasury" title="HM Treasury">HM Treasury</a> <ul><li><a href="/wiki/Chancellor_of_the_Exchequer" title="Chancellor of the Exchequer">Chancellor of the Exchequer</a></li> <li><a href="/wiki/Debt_Management_Office_(United_Kingdom)" title="Debt Management Office (United Kingdom)">Debt Management Office</a></li></ul></li> <li><a href="/wiki/Office_for_Budget_Responsibility" title="Office for Budget Responsibility">Office for Budget Responsibility</a></li> <li><a href="/wiki/Pound_sterling" title="Pound sterling">Pound sterling</a> <ul><li><a href="/wiki/Banknotes_of_the_pound_sterling" title="Banknotes of the pound sterling">Banknotes</a></li> <li><a href="/wiki/Coins_of_the_pound_sterling" title="Coins of the pound sterling">Coinage</a></li></ul></li> <li><a href="/wiki/Taxation_in_the_United_Kingdom" title="Taxation in the United Kingdom">Taxation</a></li> <li><a href="/wiki/UK_Statistics_Authority" title="UK Statistics Authority">UK Statistics Authority</a></li> <li><a href="/wiki/UK_Trade_%26_Investment" title="UK Trade & Investment">UK Trade & Investment</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:center"><a href="/wiki/Economic_history_of_the_United_Kingdom" title="Economic history of the United Kingdom">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:8em;text-align:left;background-color:#eee">Chronological</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Navigation_Acts" title="Navigation Acts">1659–1849 Navigation Acts</a></li> <li><a href="/wiki/British_Agricultural_Revolution" title="British Agricultural Revolution">Agricultural Revolution</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Financial_Revolution" title="Financial Revolution">Financial Revolution</a></li> <li><a href="/wiki/Panic_of_1796%E2%80%9397" class="mw-redirect" title="Panic of 1796–97">Panic of 1796–97</a></li> <li><a href="/wiki/Corn_Laws" title="Corn Laws">1815–46 Corn Laws</a></li> <li><a href="/wiki/New_Imperialism" title="New Imperialism">New Imperialism 1830s–1945</a></li> <li><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">Second Industrial Revolution 1860s–1914</a></li> <li><a href="/wiki/Long_Depression" title="Long Depression">1873–79 Long Depression</a></li> <li><a href="/wiki/1926_United_Kingdom_general_strike" title="1926 United Kingdom general strike">1926 general strike</a></li> <li><a href="/wiki/Great_Depression_in_the_United_Kingdom" title="Great Depression in the United Kingdom">1929–39 Great Depression</a></li> <li><a href="/wiki/Marshall_Plan" title="Marshall Plan">1948–52 Marshall Plan</a></li> <li><a href="/wiki/Three-Day_Week" title="Three-Day Week">1974 Three-Day Week</a></li> <li><a href="/wiki/Winter_of_Discontent" title="Winter of Discontent">1979 Winter of Discontent</a></li> <li><a href="/wiki/Big_Bang_(financial_markets)" title="Big Bang (financial markets)">1986 Big Bang</a></li> <li><a href="/wiki/Black_Wednesday" title="Black Wednesday">1992 Black Wednesday</a></li> <li><a href="/wiki/Great_Recession_in_Europe#United_Kingdom" title="Great Recession in Europe">Late-2000s recession</a></li> <li><a class="mw-selflink selflink">2008 bank rescue package</a></li> <li><a href="/wiki/2009_United_Kingdom_bank_rescue_package" title="2009 United Kingdom bank rescue package">2009 bank rescue package</a></li> <li><a href="/wiki/Brexit" title="Brexit">2020 Withdrawal from the European Union</a> (<a href="/wiki/Growth_deal" title="Growth deal">Growth deal</a>)</li> <li><a href="/wiki/Government_of_the_United_Kingdom%27s_financial_response_to_the_COVID-19_pandemic" class="mw-redirect" title="Government of the United Kingdom's financial response to the COVID-19 pandemic">COVID-19 pandemic</a> <ul><li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom" title="Economic impact of the COVID-19 pandemic in the United Kingdom">Impact</a></li></ul></li> <li><a href="/wiki/2021%E2%80%93present_United_Kingdom_cost-of-living_crisis" title="2021–present United Kingdom cost-of-living crisis">Cost-of-living crisis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;text-align:left;background-color:#eee">Recurrent</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economic_geography_of_the_United_Kingdom" title="Economic geography of the United Kingdom">Economic geography</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Gold_standard" title="Gold standard">Gold standard</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_Kingdom" title="List of recessions in the United Kingdom">Recessions and recoveries</a></li> <li><a href="/wiki/National_champions" title="National champions">National champions policy</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatisation</a></li> <li><a href="/wiki/Nationalization#United_Kingdom" title="Nationalization">Nationalisation</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:center">Nations,<br />regions,<br />cities</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:8em;text-align:left;background-color:#eee"><a href="/wiki/Economy_of_England" title="Economy of England">England</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Atlantic_Gateway_(North_West_England)" title="Atlantic Gateway (North West England)">Atlantic Gateway</a></li> <li><a href="/wiki/Economy_of_Birmingham" title="Economy of Birmingham">Birmingham</a> <ul><li><a href="/wiki/Big_City_Plan" title="Big City Plan">Big City Plan</a></li></ul></li> <li><a href="/wiki/Economy_of_Bristol" title="Economy of Bristol">Bristol</a></li> <li><a href="/wiki/Economy_of_Cornwall" title="Economy of Cornwall">Cornwall</a></li> <li><a href="/wiki/Economy_of_the_London_Borough_of_Croydon" title="Economy of the London Borough of Croydon">Croydon</a></li> <li><a href="/wiki/Economy_of_Devon" title="Economy of Devon">Devon</a></li> <li><a href="/wiki/Economy_of_Dorset" title="Economy of Dorset">Dorset</a></li> <li><a href="/wiki/Expansion_plans_for_Milton_Keynes" title="Expansion plans for Milton Keynes">Expansion plans for Milton Keynes</a></li> <li><a href="/wiki/Fishing_industry_in_England" title="Fishing industry in England">Fishing</a></li> <li><a href="/wiki/Economy_of_Leeds" title="Economy of Leeds">Leeds</a></li> <li><a href="/wiki/List_of_ceremonial_counties_in_England_by_GDP" title="List of ceremonial counties in England by GDP">List of counties by GDP</a></li> <li><a href="/wiki/List_of_ceremonial_counties_in_England_by_gross_value_added" class="mw-redirect" title="List of ceremonial counties in England by gross value added">List of counties by GVA</a></li> <li><a href="/wiki/Economy_of_Liverpool" title="Economy of Liverpool">Liverpool</a></li> <li><a href="/wiki/Economy_of_London" title="Economy of London">London</a> <ul><li><a href="/wiki/East_London_Tech_City" title="East London Tech City">East London Tech City</a></li> <li><a href="/wiki/London_Plan" title="London Plan">London Plan</a></li></ul></li> <li><a href="/wiki/M4_corridor" title="M4 corridor">M4 corridor</a></li> <li><a href="/wiki/M11_Corridor" class="mw-redirect" title="M11 Corridor">M11 Corridor</a></li> <li><a href="/wiki/Economy_of_Manchester" title="Economy of Manchester">Manchester</a></li> <li><a href="/wiki/Economy_of_Reading,_Berkshire" title="Economy of Reading, Berkshire">Reading</a></li> <li><a href="/wiki/Economy_of_Sheffield" title="Economy of Sheffield">Sheffield</a></li> <li><a href="/wiki/Silicon_Fen" title="Silicon Fen">Silicon Fen</a></li> <li><a href="/wiki/Economy_of_Somerset" title="Economy of Somerset">Somerset</a></li> <li><a href="/wiki/Thames_Gateway" title="Thames Gateway">Thames Gateway</a></li> <li><a href="/wiki/Tourism_in_England" title="Tourism in England">Tourism</a></li> <li><a href="/wiki/Transport_in_England" title="Transport in England">Transport</a></li> <li><a href="/wiki/Economy_of_Wiltshire" title="Economy of Wiltshire">Wiltshire</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;text-align:left;background-color:#eee"><a href="/wiki/Economy_of_Northern_Ireland" title="Economy of Northern Ireland">Northern<br />Ireland</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_Belfast" title="Economy of Belfast">Belfast</a></li> <li><a href="/wiki/Transport_in_Ireland" title="Transport in Ireland">Transport</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;text-align:left;background-color:#eee"><a href="/wiki/Economy_of_Scotland" title="Economy of Scotland">Scotland</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_Aberdeen" title="Economy of Aberdeen">Aberdeen</a></li> <li><a href="/wiki/Agriculture_in_Scotland" title="Agriculture in Scotland">Agriculture</a></li> <li><a href="/wiki/Economy_of_Edinburgh" title="Economy of Edinburgh">Edinburgh</a></li> <li><a href="/wiki/Industrial_Revolution_in_Scotland" title="Industrial Revolution in Scotland">Industrialisation</a></li> <li><a href="/wiki/Fishing_industry_in_Scotland" title="Fishing industry in Scotland">Fishing</a></li> <li><a href="/wiki/Economic_history_of_Scotland" title="Economic history of Scotland">History</a></li> <li><a href="/wiki/Category:Oil_and_gas_industry_in_Scotland" title="Category:Oil and gas industry in Scotland">Oil and gas</a></li> <li><a href="/wiki/Renewable_energy_in_Scotland" title="Renewable energy in Scotland">Renewable energy</a></li> <li><a href="/wiki/Silicon_Glen" title="Silicon Glen">Silicon Glen</a></li> <li><a href="/wiki/Tourism_in_Scotland" title="Tourism in Scotland">Tourism</a></li> <li><a href="/wiki/Transport_in_Scotland" title="Transport in Scotland">Transport</a></li> <li><a href="/wiki/Scotch_whisky" title="Scotch whisky">Whisky</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;text-align:left;background-color:#eee"><a href="/wiki/Economy_of_Wales" title="Economy of Wales">Wales</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Agriculture_in_Wales" title="Agriculture in Wales">Agriculture</a></li> <li><a href="/wiki/Economy_of_Cardiff" title="Economy of Cardiff">Cardiff</a> <span style="font-size:85%;">(<a href="/wiki/Cardiff_Bay" title="Cardiff Bay">Cardiff Bay</a>)</span></li> <li><a href="/wiki/Fishing_industry_in_Wales" title="Fishing industry in Wales">Fishing</a></li> <li><a href="/wiki/Economic_history_of_Wales" title="Economic history of Wales">History</a></li> <li><a href="/wiki/Industrial_Revolution_in_Wales" title="Industrial Revolution in Wales">Industrialisation</a></li> <li><a href="/wiki/Renewable_energy_in_Wales" title="Renewable energy in Wales">Renewable energy</a></li> <li><a href="/wiki/Economy_of_Swansea" title="Economy of Swansea">Swansea</a></li> <li><a href="/wiki/Tourism_in_Wales" title="Tourism in Wales">Tourism</a></li> <li><a href="/wiki/Transport_in_Wales" title="Transport in Wales">Transport</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:center">People<br />and labour</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Category:British_billionaires" title="Category:British billionaires">Billionaires</a></li> <li><a href="/wiki/Category:British_businesspeople" title="Category:British businesspeople">Businesspeople</a></li> <li><a href="/wiki/Demographics_of_the_United_Kingdom" title="Demographics of the United Kingdom">Demography</a></li> <li><a href="/wiki/Income_in_the_United_Kingdom" title="Income in the United Kingdom">Income</a> <ul><li><a href="/wiki/Poverty_in_the_United_Kingdom" title="Poverty in the United Kingdom">Poverty</a></li></ul></li> <li><a href="/wiki/United_Kingdom_labour_law" title="United Kingdom labour law">Labour law</a> <ul><li><a href="/wiki/United_Kingdom_employment_equality_law" title="United Kingdom employment equality law">Equal opportunities</a></li> <li><a href="/wiki/National_Minimum_Wage_Act_1998" title="National Minimum Wage Act 1998">Minimum wage</a></li> <li><a href="/wiki/Working_Time_Directive_2003" title="Working Time Directive 2003">Working Time Directive</a></li></ul></li> <li><a href="/wiki/Pensions_in_the_United_Kingdom" title="Pensions in the United Kingdom">Pensions</a></li> <li><a href="/wiki/Trade_unions_in_the_United_Kingdom" title="Trade unions in the United Kingdom">Trades unions</a> <ul><li><a href="/wiki/Trades_Union_Congress" title="Trades Union Congress">Trades Union Congress</a></li></ul></li> <li><a href="/wiki/Unemployment_in_the_United_Kingdom" title="Unemployment in the United Kingdom">Unemployment</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:center">Sectors</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:8em;text-align:left;background-color:#eee"><a href="/wiki/List_of_renewable_resources_produced_and_traded_by_the_United_Kingdom" title="List of renewable resources produced and traded by the United Kingdom">Resource and<br />production</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Energy_in_the_United_Kingdom" title="Energy in the United Kingdom">Energy</a>/<a href="/wiki/Renewable_energy_in_the_United_Kingdom" title="Renewable energy in the United Kingdom">Renewable energy</a> <ul><li><a href="/wiki/Biodiesel_in_the_United_Kingdom" class="mw-redirect" title="Biodiesel in the United Kingdom">Biodiesel</a></li> <li><a href="/wiki/Coal_mining_in_the_United_Kingdom" title="Coal mining in the United Kingdom">Coal</a></li> <li><a href="/wiki/Geothermal_power_in_the_United_Kingdom" title="Geothermal power in the United Kingdom">Geothermal</a></li> <li><a href="/wiki/Hydraulic_fracturing_in_the_United_Kingdom" class="mw-redirect" title="Hydraulic fracturing in the United Kingdom">Fracking</a></li> <li><a href="/wiki/Hydroelectricity_in_the_United_Kingdom" title="Hydroelectricity in the United Kingdom">Hydroelectricity</a></li> <li><a href="/wiki/Renewable_energy_in_the_United_Kingdom#Ocean_power" title="Renewable energy in the United Kingdom">Marine</a></li> <li><a href="/wiki/North_Sea_oil" title="North Sea oil">North Sea oil</a></li> <li><a href="/wiki/Solar_power_in_the_United_Kingdom" title="Solar power in the United Kingdom">Solar</a></li> <li><a href="/wiki/Wind_power_in_the_United_Kingdom" title="Wind power in the United Kingdom">Wind</a></li></ul></li> <li><a href="/wiki/British_cuisine" title="British cuisine">Food</a> <ul><li><a href="/wiki/Agriculture_in_the_United_Kingdom" title="Agriculture in the United Kingdom">Agriculture</a> <ul><li><a href="/wiki/Cider#United_Kingdom" title="Cider">Cider</a></li> <li><a href="/wiki/Wine_from_the_United_Kingdom" title="Wine from the United Kingdom">Wine</a></li> <li><a href="/wiki/Beer_in_the_United_Kingdom" title="Beer in the United Kingdom">Beer</a></li></ul></li> <li>Fishing <ul><li><a href="/wiki/Fishing_industry_in_England" title="Fishing industry in England">English</a></li> <li><a href="/wiki/Fishing_industry_in_Scotland" title="Fishing industry in Scotland">Scottish</a></li> <li><a href="/wiki/Fishing_industry_in_Wales" title="Fishing industry in Wales">Welsh</a></li></ul></li></ul></li> <li>Materials <ul><li><a href="/wiki/Forestry_in_the_United_Kingdom" title="Forestry in the United Kingdom">Forestry</a></li> <li><a href="/wiki/Mining_in_the_United_Kingdom" title="Mining in the United Kingdom">Mining</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;text-align:left;background-color:#eee"><a href="/wiki/Financial_services_in_the_United_Kingdom" title="Financial services in the United Kingdom">Financial<br />services</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Baltic_Exchange" title="Baltic Exchange">Baltic Exchange</a></li> <li><a href="/wiki/Banking_in_the_United_Kingdom" title="Banking in the United Kingdom">Banking</a> <ul><li><a href="/wiki/List_of_banks_in_the_United_Kingdom" title="List of banks in the United Kingdom">List of banks</a></li> <li><a href="/wiki/List_of_building_societies#United_Kingdom" class="mw-redirect" title="List of building societies">List of UK building societies</a></li></ul></li> <li><a href="/wiki/Canary_Wharf" title="Canary Wharf">Canary Wharf</a></li> <li><a href="/wiki/City_of_London" title="City of London">The City</a></li> <li><a href="/wiki/Euronext#Euronext.liffe" title="Euronext">Euronext.liffe</a></li> <li><a href="/wiki/International_Financial_Services_District" title="International Financial Services District">Glasgow International Financial Services District</a></li> <li><a href="/wiki/Insurance_in_the_United_Kingdom" title="Insurance in the United Kingdom">Insurance</a> <ul><li><a href="/wiki/Lloyd%27s_of_London" title="Lloyd's of London">Lloyd's of London</a></li></ul></li> <li><a href="/wiki/LCH_(clearing_house)" title="LCH (clearing house)">LCH</a></li> <li><a href="/wiki/Libor" title="Libor">London Interbank Offered Rate</a></li> <li><a href="/wiki/London_Metal_Exchange" title="London Metal Exchange">London Metal Exchange</a></li> <li><a href="/wiki/London_Platinum_and_Palladium_Market" title="London Platinum and Palladium Market">London Platinum and Palladium Market</a></li> <li><a href="/wiki/London_Stock_Exchange" title="London Stock Exchange">London Stock Exchange</a> <ul><li><a href="/wiki/Alternative_Investment_Market" title="Alternative Investment Market">Alternative Investment Market</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;text-align:left;background-color:#eee">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Education_in_the_United_Kingdom" title="Education in the United Kingdom">Education</a> <ul><li><a href="/wiki/International_students_in_the_United_Kingdom" title="International students in the United Kingdom">International students</a></li></ul></li> <li>Entertainment & <a href="/wiki/Media_of_the_United_Kingdom" class="mw-redirect" title="Media of the United Kingdom">Media</a> <ul><li><a href="/wiki/Cinema_of_the_United_Kingdom" title="Cinema of the United Kingdom">Cinema</a></li> <li><a href="/wiki/Gambling_in_the_United_Kingdom" title="Gambling in the United Kingdom">Gambling</a></li> <li><a href="/wiki/List_of_newspapers_in_the_United_Kingdom_by_circulation" title="List of newspapers in the United Kingdom by circulation">Newspapers</a></li> <li><a href="/wiki/Radio_in_the_United_Kingdom" title="Radio in the United Kingdom">Radio</a></li> <li><a href="/wiki/Television_in_the_United_Kingdom" title="Television in the United Kingdom">Television</a></li> <li><a href="/wiki/Theatre_of_the_United_Kingdom" title="Theatre of the United Kingdom">Theatre</a></li></ul></li> <li><a href="/wiki/Health_care_in_the_United_Kingdom" class="mw-redirect" title="Health care in the United Kingdom">Healthcare</a></li> <li><a href="/wiki/Legal_services_in_the_United_Kingdom" title="Legal services in the United Kingdom">Legal services</a></li> <li><a href="/wiki/Manufacturing_in_the_United_Kingdom" title="Manufacturing in the United Kingdom">Manufacturing</a> <ul><li><a href="/wiki/Aerospace_industry_in_the_United_Kingdom" title="Aerospace industry in the United Kingdom">Aerospace</a></li> <li><a href="/wiki/Automotive_industry_in_the_United_Kingdom" title="Automotive industry in the United Kingdom">Automotive</a></li> <li><a href="/wiki/Pharmaceutical_industry_in_the_United_Kingdom" title="Pharmaceutical industry in the United Kingdom">Pharmaceuticals</a></li> <li><a href="/wiki/List_of_exports_of_the_United_Kingdom" title="List of exports of the United Kingdom">Exports</a></li></ul></li> <li>Property <ul><li><a href="/wiki/Architecture_of_the_United_Kingdom" title="Architecture of the United Kingdom">Architecture</a></li> <li><a href="/wiki/Construction_industry_of_the_United_Kingdom" title="Construction industry of the United Kingdom">Construction</a></li> <li><a href="/wiki/Affordability_of_housing_in_the_United_Kingdom" title="Affordability of housing in the United Kingdom">Housing</a></li> <li><a href="/wiki/Real_estate_in_the_United_Kingdom" title="Real estate in the United Kingdom">Real estate</a></li></ul></li> <li><a href="/wiki/Science_and_technology_in_the_United_Kingdom" title="Science and technology in the United Kingdom">Science and technology</a> <ul><li><a href="/wiki/Internet_in_the_United_Kingdom" title="Internet in the United Kingdom">Internet</a></li> <li><a href="/wiki/Telecommunications_in_the_United_Kingdom" title="Telecommunications in the United Kingdom">Telecommunications</a></li></ul></li> <li><a href="/wiki/List_of_supermarket_chains_in_the_United_Kingdom" title="List of supermarket chains in the United Kingdom">Supermarkets</a></li> <li><a href="/wiki/Tourism_in_the_United_Kingdom" title="Tourism in the United Kingdom">Tourism</a></li> <li><a href="/wiki/Transport_in_the_United_Kingdom" title="Transport in the United Kingdom">Transport</a> <ul><li><a href="/wiki/Air_transport_in_the_United_Kingdom" title="Air transport in the United Kingdom">Aviation</a></li> <li><a href="/wiki/Structure_of_the_rail_industry_in_the_United_Kingdom" title="Structure of the rail industry in the United Kingdom">Rail</a> <ul><li><a href="/wiki/Inter-city_rail_in_the_United_Kingdom" title="Inter-city rail in the United Kingdom">Inter-city</a></li> <li><a href="/wiki/High-speed_rail_in_the_United_Kingdom" title="High-speed rail in the United Kingdom">High-speed</a></li></ul></li></ul></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:center">Trade and<br />business<br />organisations</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Category:Business_organisations_based_in_the_United_Kingdom" title="Category:Business organisations based in the United Kingdom">Business organisations</a></li> <li><a href="/wiki/British_Bankers%27_Association" title="British Bankers' Association">British Bankers' Association</a></li> <li><a href="/wiki/British_Chambers_of_Commerce" title="British Chambers of Commerce">British Chambers of Commerce</a></li> <li><a href="/wiki/Confederation_of_British_Industry" title="Confederation of British Industry">Confederation of British Industry</a></li> <li><a href="/wiki/Co-operatives_UK" title="Co-operatives UK">Co-operatives UK</a></li> <li><a href="/wiki/Federation_of_Small_Businesses" title="Federation of Small Businesses">Federation of Small Businesses</a></li> <li><a href="/wiki/Category:Trade_associations_based_in_the_United_Kingdom" title="Category:Trade associations based in the United Kingdom">Industry trade groups</a></li> <li><a href="/wiki/Institute_of_Directors" title="Institute of Directors">Institute of Directors</a></li> <li><a href="/wiki/Make_UK" title="Make UK">Make UK</a></li> <li><a href="/wiki/UK_Payments_Administration" title="UK Payments Administration">UK Payments Administration</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="font-weight:bold"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Economy_of_the_United_Kingdom" title="Category:Economy of the United Kingdom">Category</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" 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