Between a rock and a hard place

The paper discusses the problems of the UK banking system, and identifies the 'new frontiers' and the associated difficulties now facing all societies.

Between a rock and a hard place

Steve NuttallFinancial Services Consulting, YouGov plc., United Kingdom

Tony DentSample Answers Ltd., United Kingdom

INTRODUCTION

In September 2007, following a number of news reports concerning the international liquidity difficulties generated by the U.S. 'sub-prime' problems, the United Kingdom experienced the first sustained run on a major retail bank for over 100 years. Although the causes and consequences of the run on the Northern Rock Bank have been explored elsewhere, this paper provides the first systematic account drawn from the perspective of Northern Rock's customers at that time.

Over the years the...

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