BOE had it coming

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Of course the banks saw it coming, they saw it long before we did, but making things like this public are never a good option, especially for someone with the profile of BOE.
Yes they saw it coming, but that doesn’t mean the crunch was their fault, although the current stall in the economy could be down to the lack of credit, due to the new strict criteria.

BOE had it coming

Looking back in our archives this Christmas I came across a rather important article which I had half forgotten about. It dates from 2006, when the credit crisis was a mere apple in the financial system’s eye and the City was enjoying one of its biggest booms in history. The article, which can be found here, reveals that the Bank of England knew precisely what risk was posed by the dangerous build-up of debt which was brewing in the economy.