What can we say, after Labour Conference week, on the financial crisis that has engulfed Northern Rock? What we saw on Friday, September 14 was an old-fashioned run on a British bank. We have to go back to the 1800s to find the last such drop in confidence. Last month, the UK’s systems for regulating the financial system were severely tested. Yet the signs had been there for some weeks.See this link to Progress website
In this article for Progress, I outline some of the lessons we can learn from the Northern Rock episode.