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Credit crunch could still bite
Credit crunch could still bite
Last Modified: 01 May 2008
By:
Faisal Islam
The Bank of England warns that it could take years for Britain to recover from the credit crunch. Faisal Islam explains.
The message from the Bank of England today is we're not out of the woods yet, in its latest assessment of our fragile banking system.
The report is confident that the complex financial products behind the credit crunch are being flushed out of the system.
But it's all left banks desperate to avoid any more risky lending. And one former member of the Bank's Monetary Policy Committee has told Channel 4 News it could take several years for the financial system to sort itself out.
Our Economics Correspondent Faisal Islam reports.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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