‘STORM COMING’ Financial disaster looming as banks are NOT prepared, warns top economist
A SEVERE financial storm is going to hit and the Bank of England hasn’t done enough to prevent a repeat of the last financial crisis, Sir John Vickers has warned.
By LANA CLEMENTS
Wed, Jan 11, 2017
Britain’s banks and financial systems are still too fragile, which could lead to another disaster in the face of a big downturn, blasted the economist who led the Independent Commission on Banking.
Sir John told ITV News: “A storm is going to come, we can’t predict when, but you want to be ready for it.
“That’s why you want the building structure to be strong, sound, resilient, well in advance of the bad weather arriving and I think we have strengthened the buildings, the financial system in the UK and internationally.
“But we haven’t done so enough. We need to do more and then when the next very severe storm comes, who knows when, we will be in a better position than we are currently on track to be.”