United Kingdom Government intervention during the subprime mortgage crisis

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1 united kingdom

1.1 northern rock
1.2 bank rescue package
1.3 bonus supertax





united kingdom
northern rock

northern rock had difficulty finding finance keep business going , approached bank of england lender of last resort on 12 september 2007. caused mass concern bank s future. bank of england , uk government both insisted bank secure , not collapse. failed stop thousands of customers withdrawing around £1billion savings. northern rock s share price plummeted , intense pressure media, political opposition parties , customers of northern rock, forced government nationalize on 17 february 2008 (see nationalisation of northern rock).


bank rescue package

banks short of capital can ask rescued. government has used tax payer s money buy shares in banks, making them part nationalised. banks take rescue packages may have restrictions on executive pay , dividends existing shareholders.


bonus supertax

in december 2009, united kingdom announced supertax on banking bonuses, in order reduce risk of further crises in banking sector.








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