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this post was submitted on 25 Jul 2025
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The 2008 banking crisis was different IMHO. A banking collapse would have bankrupted millions of people in the UK. They then imposed rules requiring the banks to restructure to make sure customer banking is isolated from investment banking. The intent being to try to make sure they can be allowed to fail next time.
What Reeves is trying to stop happening now is exactly what those regulations were designed to allow happen. Financial institutions feel the consequences of their own actions.
Those rules were implemented in the crashes before 2008. The banks have the resources to get around them; they actually advise the government how to get their debt off-BS. You realise that's a conflict of interest, right?
The whole idea behind the PFI is that the debt is not on the government BS.