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WDFC UK Limited is registered in England and Wales with registered number 6374235 and registered office at 88 Crawford Street, London, W1H 2EJ. Authorised and regulated by the Financial Conduct Authority under registration number 671454
Very little of the trillion pounds that banks created between 2000-2007 went to businesses outside of the financial sector:
Lending large sums of money into the property market pushes up the price of houses along with the level of personal debt. Interest has to be paid on all the loans that banks make, and with the debt rising quicker than incomes, eventually some people become unable to keep up with repayments. At this point, they stop repaying their loans, and banks find themselves in danger of going bankrupt.
Lord Adair Turner, speaking as chair of the Financial Services Authority, 6th February, 2013 This process caused the financial crisis. Straight after the crisis, banks limited their new lending to businesses and households. The slowdown in lending caused prices in these markets to drop, and this means those that have borrowed too much to speculate on rising prices had to sell their assets in order to repay their loans. House prices dropped and the bubble burst. As a result, banks panicked and cut lending even further. A downward spiral thus begins and the economy tips into recession.Tags: short, term, loans, spain,