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#10yearson is there a risk of another bailout? As with most financial crises, the 2008 GFC was caused by excessive private debt & unconstrained bank lending – that ultimately allowed for sub-optimal allocation of credit, reckless risk taking and rampant speculation.
In the 1980s, private debt in the UK had never gone beyond 75% relative to the UK economy’s income - by 2008, it increased to 200%. Throughout this period government debt remained steady between 35 – 50% of GDP. Striking given government debt and the ​‘deficit’ got all headlines!
Since 2008, a number of positive regulatory reforms have reduced the risk of another bailout. Including things like ring-fencing and the introduction of a macroprudential regulatory framework- with tools like capital requirements, debt-to-income ratios, counter-cyclical buffers.
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