UK ‘sailing blindly’ into financial meltdown bigger than 2008, think tank warns

‘Britain is heading for financial crisis worse than the 2008 collapse and the Bank of England (BoE) is “asleep at the wheel,” a think tank has warned.
A devastating report by the Adam Smith Institute (ASI) has blasted the BoE’s stress tests – which are meant to check the resilience of a bank to economic shocks – as being like “a ship radar system that cannot detect an iceberg.”
The report’s author, Durham University professor of finance and economics Kevin Dowd, said every single UK bank would fail “more rigorous” stress tests used by the US Federal Reserve.’
Read more: UK ‘sailing blindly’ into financial meltdown bigger than 2008, think tank warns