Lib Dem leader Vince Cable has said that the banks ‘have forgotten the lessons of the past’, as ‘the British economy is heavily dependent on consumer debt’.
‘The worry is not that the banks will crash, but that quite a lot of people who have borrowed will not be able to sustain their payments if the economic conditions change’.
‘The banks have primary responsibility for this, and I do sense some of them have forgotten the lessons of the past’.
‘The more worrying thing is that, a decade after the crisis, a certain amount of complacency is setting in with the industry itself pouring in a large amount of consumer credit, such as car purchase loans’.
‘It’s not sustainable and there could be another credit bubble which could end nastily’.
100 word new by The Hooting Times.
Full story here: http://bit.ly/2uVkemO