blaster 2
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The banks are mainly to blame for the problem,lending out too much money to people who cannot repay the loans.But you also have to look at the Labour government who have squandered taxpayers money,killed our pension fund and done a lot more to drag our country into the position its now in. |
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brother_in_magic
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It's a WORLD recession, not just the UK. Many other countries are suffering exactly the same thing! It's all happened before--been through it in the 1980's. |
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fluffy1122
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War, Greed and the Labour Government |
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MrCool1978
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Banks loaning money to people who could not afford to pay back their loans. |
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Sukhjinder S
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Lack of financial education. Period! |
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Ken B
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Financial mismanagement by inept politicians.
Forgiving african dictators their debts.
Selling off gold reserves.
interfering in other peoples wars.
aid money going to other african dictators bank accounts
travelling the world at public expense.
Just to cite a few examples |
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greenorlagh
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Where is this place UK England? Surely you mean the UK? England is only one small part of the UK and governed by the pariament of UK.
The recession is world wide - it's also affecting other major financial centres such as Germany, Japan and the USA. |
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Fabão
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I live in Brazil and I have friends around the world. The people are losing jobs in every countries. In my opinion, without surveillance of US Government, their Banks entered in a fatal competition to sell products and services to people that were not able to pay. The international audit firms makeup the bad results for a long time. The rotten papers had contaminated the entire market when the bomb burst. We will have a great challenge in the coming years. |
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Curious_Yank_in_South_Korea
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It is currently world wide and it very biblical. Read "your" Bible and see what it says for the end days. Then, check out information on the Mayan Calendar and how are end of days should happen by Solstice 2012. That is four years away and the tail end of Obama's reign. Watch the world turn to "Central Banking" for all and no one allowed to buy or sell less they have the mark. It is written. It is almost coming to pass, and definitely in our lifetime. |
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jamesdean2002uk
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the banks for being greedy, and then getting the tax payer to bail them out, and refusing to lend money |
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Col
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What is UK England ??? No identity ? |
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Hugh G
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Because long ago we stopped producing anything we could actually sell abroad and earn foreign currency.
Then we sold off all the family jewels, ie assets,
We were then unable to produce much anyway.
The only earner was then the (regulated) financial sector, which Crash Gordon deregulated in 1997.
Banks then packaged up all our lovely mortgages and sold them - so that they could lend more money to those who couldn't pay it back.
Ends up with everybody (including Crash Gordon) borrowing loadsa money that our great-grandchildren will be paying back, assuming they have jobs.
Am I bovvered? You bet I am.... |
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Alan B
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Because we have no real manufacturing industries. ie there is no British car manufacturer, all electrical goods are imported, so money just drifts out of the UK.
companies prefer to have goods produced in places such as China, and where there is manufacturing,then many companies prefer to employ workers from eastern europe on poverty wages.thus preventing money from being recycled into the economy.
Ie no one can afford a mortgage on a house costing 120k when they are only earning £5.70 per hour. That is why the banks and building societies have run into problems, with people who can not afford to pay back money they have borrowed in order to have a roof over there heads |
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Angel
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England is a part of the UK,
The UK is England, Scotland, Wales & Norhern Ireland altogether, |
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clandrootor
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The day we stopped receiving our wages in cash in a packet and began banking on line, buying on line etc. was the day we lost touch with financial reality.
Money is no longer real,just numbers on a payslip or bank web site.
When we were paid in cash and paid for everything over the counter it was a lot simpler to keep control.
I'm not saying we should go back but it needs a lot more thinking and careful control to keep our finances in check.
30 years ago fewer people had bank accounts and less debts which in turn put less burden on the banks. |
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EMILY?
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If you watch news you'd know it's happening to everyone all over the world, not just the UK.
It's all to do with people borrowing more money than they can afford to pay back. Banks borrowing money from other banks to pay off the money that the people borrowing more money than they can afford to pay back couldn't pay back and then it all goes in a cycle. |
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Helen S
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People applying for and receiving money that they could never repay. The charlatans who lent it to them were getting bonus's and have now disappeared off the face of the earth into some other murky organisations but ultimately the whole financial industry is culpable and should be torn limb from limb until we sort out just who got what for what - then they should be made to repay it - even if they lose their homes in doing so - we deserve better, we, the FOOLS who trusted THEM! Thank God I NEVER voted for this incompetent charlatan Brown, the ex chancellor of the exchequer and the now non-entity PM of the once GREAT BRITAIN! He should resign immediately for gross incompetence - what a pity there isn't a decent labour MP who would ask him to do so in the House of Commons - they're all charlatans! |
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No name.
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The basics of the economy:
The economy will always experience a boom and a bust. Its the cycle of the economy. We are currently going through the bust. Nowadays the world is a global market. If one country is going to go bust it is most likely that every country in the world will go bust, or at least experience it to a degree.
The Credit Crunch:
The credit crunch started with people borrowing money from the banks and they couldn't pay it back. When this happens it makes banks get worried with the amount of people who can't pay back the money they borrowed, so they stop people (especially businesses) borrowing.
Recession (losing jobs):
Some businesses rely on borrowing money and then hope to make the money back in the years to come. But with banks not lending out money it makes businesses try to reduce their costs; usually by getting rid of staff, this means a recession. If they can't it means closing down an makes more people lose their jobs.
Who is to blame?
- Banks. They got carried away with lending out money to people who could not pay it back.
- People. Some people are too greedy; they want to buy things that they can't afford and therefore use credit and borrow from banks.
- The Government. To some extent it is their fault. As I said before, there is always a boom and bust. They should have been prepared to have a bust. |
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dvdclarke
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from the credit crunch |
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Charlea
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I don't know what the reason is. Im wondering if its anything to do with ALOT of people sending their wages back to their own country to their families.
ALOT going out, nothing coming back. |
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