The physics graduates who brought the financial world to its knees in 2008 possess been busy again – is a similar catastrophe likely?A warning from the Bank of England final week that the banking sector could lose as much as £30bn in unpaid debt from credit cards, personal loans and car finance whether interest rates and unemployment were to rise sharply was only the latest shot across the industry’s bows.
During the summer months individual central bank executives made speeches to that effect and the main consumer finance regulator has talked about tackling the worst excesses of the loan business.
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Source: theguardian.com