UK financial system at risk of systemic crisis

Reid Foundation paper

Reid Foundation paper


In a recent paper, “How serious a threat is the UK’s financialised economy”, published by the Jimmy Reid Foundation, and available on the Reid Foundation website, I analyse the stability of the UK economy. The paper concludes that there is a serious threat of a renewed economic crisis. This is not just worrying in its own right: it also has important implications for the Scottish referendum debate.

The 2008 crisis in the financial system brought the world’s economic order to the brink of imminent collapse. The implications for the UK were particularly serious, given the dominance, unique among major economies, of the financial sector in the UK economy.  This then raises a vitally important question: have the risks posed to the UK economy by the financial sector gone away, or is the UK still at serious risk of another crisis?

The approach adopted in the paper is to examine the balance sheet of the UK – that is, the total of the assets and liabilities owned, and owed, by the different agents in the economy – breaking the balance sheet down by the different sectors of the economy. What emerges is a very worrying picture. The problems, at root, relate to the UK’s massively overblown financial sector. In proportionate terms, the UK has a larger financial sector than any other major economy: by 2008, the size of the financial sector, measured in terms of its total assets, (or liabilities), was about 16 times UK GDP: and it has hardly shrunk since 2008, still standing at around 14 times GDP.

The sources of instability which posed the threat in 2008 have not been addressed: the idea that these problems arose because we had individual institutions which were too big to fail is too simplistic – our problem now is that we have a financial sector which in itself is too big and inter-connected to fail. In addition, further sources of potential instability have emerged since 2008: the response of policy makers to the threatened collapse of the 2008 asset bubble was to prop up asset prices by low interest rates, and quantitative easing, hence inflating an unprecedented bond bubble. And the potential liabilities associated with financial derivative products grew hugely in 2008, and now stand at some 400% of GDP.

Moreover, policy makers are still repeating earlier mistakes: witness the way policy has deliberately stoked up a new housing bubble, with house prices now above their 2008 level, and increasing at about 10% per annum.

As well as looking at the financial sector in detail, the paper also considers each of the other sectors of the economy. As the paper shows, each of these non-financial sectors has been seriously weakened, either by the run up to the 2008 crisis, or the policy actions which have been taken since 2008. In the household sector, the renewed housing bubble has pushed house prices way out of line with a sustainable relationship to earnings. In the non-financial corporate sector, there are chronic problems with low productivity, and, according to one study, there are over 100 thousand underperforming companies which cannot fully service their debts. The public sector is burdened with a level of net debt which is more than twice what it was prior to 2008, and net debt is still growing. And in international terms, the UK’s chronic deficit on its current account now stands at an almost unprecedented 3.8% of GDP.

What this means is that the rest of the economy is in no position to bail out the financial sector should there be another financial crisis. And yet, the financial system is just one shock away from a further crisis – because the fundamental issues of 2008 were never addressed, and, specifically, because of the unstable asset bubble blown up by quantitative easing, particularly in government bonds. No less a person than Andy Haldane, Director of financial stability at the Bank of England, identified this as the biggest threat to global financial stability when he gave evidence to the Treasury Select Committee in June 2013: in his words:

“If I were to single out what for me would be the biggest risk to global financial stability just now it would be a disorderly reversion in the yields of government bonds globally….Let’s be clear, we have intentionally blown up the biggest bond bubble in history.”

Basically, any shock, (like a significant rise in interest rates), which led to a sharp fall in bond or asset prices could lead to a downward spiral of credit contraction, loan defaults, and further asset price falls – with disastrous consequences for the real economy. And there are any number of potential triggers which could provide such a shock: for example the theory of quantitative easing states that the process will in due course be reversed, and that the authorities will start to sell back into the market the £375 billion of government bonds which the Bank of England bought with the money it printed. Unless this process is handled with extreme care, there is a real danger that this could result in a sharp fall in bond prices, (which is equivalent to a sharp rise in interest rates).

Another reason the price of government bonds might fall is if investors rediscovered a more normal appetite for risk, and were no longer willing to hold government bonds at very low rates of return as a safe haven.

Or a recovery in the US economy could prompt a rise in interest rates there, so forcing the UK to raise interest rates to prevent an outflow of capital.

Or there is the risk of a shock to some specific class of assets: e.g., a widespread default on Chinese securities, or on European bonds.

Or the bursting of the domestic housing bubble, or of default on non-performing commercial real estate loans.

Or adverse political events internationally: e.g., a worsening of the crises in Ukraine or the Middle East.

And let’s not forget domestic political events: e.g., market jitters caused by the “wrong” outcome to the Scottish referendum, or the imminence of a domestic UK referendum on EU membership.

Overall, the unstable position the UK is in, and the likelihood of a future shock, mean that there must be a serious risk of the occurrence of a systemic crisis in the UK financial sector, and wider economy, in the near future.

The paper is about the UK economy: but it is very relevant to the forthcoming Scottish referendum. At the core of the referendum debate should be the question of relative risk: what are the risks of Scotland going it alone, compared with the risks of staying in the UK? Unfortunately, the debate has not been conducted in a balanced fashion: instead, too little attention has been paid to possible systemic risks facing the UK economy. This is understandable as regards the “no” side in the debate – who will naturally portray the UK as a bastion of economic stability. But the failure by the “yes” campaign to address the risks attaching to the UK is much less understandable. The dangers to the UK economy highlighted in this paper make it essential that in the referendum debate much more attention is paid to these risks.

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  1. Marian says:

    For the life of me I cannot understand why the YES campaign has not gone after this fatal economic weakness in the unionist argument that we are ” Better Together” with all guns blazing.

    It has been patently obvious since the crash of 2008 that the Westminster Government hasn’t even begun the tackle the over-dependency on financial services within the British economy and that a far worse repeat of the 2008 crash is just around the corner.

    This is a real impending economic crisis that Westminster and the media don’t want to talk about and all their talk about being better together because of the “broad shoulders” of the UK economy is simply hogwash that doesn’t stand up to any serious economic scrutiny.

    All the economic information needed to destroy the unionist “broad shoulders” argument is already there and it shouldn’t be left to “Business for Scotland” and the “Jimmy Reid Foundation” alone to make this the defining issue of the referendum debate.

    Scotland is sleepwalking into a monumental UK economic disaster far worse than anything it could ever imagine if it allows itself to be bullied and intimidated into voting NO.

    1. Auld Rock says:

      Hi Marian,
      You make a fair point but that’s what AS’s recent paper on the re-industrialisation of Scotland is all about. We do need to make more things, that’s why the German economy is so strong – they still make things at a price and QUALITY that people want to buy.

      Auld Rock

      1. ian foulds says:

        Auld Rock,

        Do the general populace know this is what AS was addressing?

        Should it not be shouted from the rooftops by all those wanting a YES?

        ps – Talking of publicising good reasons to vote YES – Is YES Scotland actually doing anything? Obviously I see little on MSM but I thought some of the pro-Indie websites might be publicising what the YES campaign are doing.
        (It is the only way I find out what is actually happening at home.)

    2. Donald Campbell says:

      Totally agree, the massive vulnerability of the UK economy should be making the serious risks and consequences of staying in the UK a “no brainer”. It’s also most likely that both Business for Scotland and the Reid Foundation have the credibility to articulate this better than Yes Scotland but both therefore should be given more encouragement and support from the umbrella campaign to push this argument forward much more forcefully.

  2. Clootie says:

    I have a rather simplistic approach to this – sorry. I always feel we lose the debate when we revert to spreadsheets etc. We need to use our guts more (soul?)

    e.g. We have many holiday resorts close to very poor areas (cheap workers) of the world Mexico / Eygpt / Caribbean islands etc.
    I avoid these because I’m uncomfortable at the exploitation to reduce my holiday cost.It would be different if the poor were getting the money but they see very little of the profit.

    I have BUPA throgh my employment but I still have that guilt when I make use of it. I have an advantage over others. (I can understand that my company has a business driver to get me back to work.)

    What I am trying to say is that hard work/effort should be rewarded but we must not lose our social conscience. It is OK to enjoy a reward for your effort but do not forget or ignore how others are doing around you. Enjoy your glass of wine but remain aware of foodbanks.

    The safety nets in society are far too low at present. The gap between rich and poor is obscene and growing.

    We should also remember that the current system (rat race) is designed for Intelligent people with good health and the right skills.It also serves to syphon from the many to the few.

    Is this all we are?
    Is manual labour really far less valuable than manipulating money?
    Is a dedicated Nurse,care worker, ambulance driver worth a fraction of a payday loan executive.
    If you are phyically or mentally handicapped have you no value?
    If you are artistic are you of less value than a technical person?

    According to studies from Oxfam International, The 85 richest people on the planet have approximately the same amount of wealth as the bottom half of the entire world population. It is speculated that the wealth of the wealthiest individuals in the world is greater than the public knows, but according to even these studies, the wealthiest people in the world are still quite wealthy, while the other citizens of the world are left to starve and work for crumbs.

    The 85 wealthiest individuals on Earth, a very small fraction of the “1%” , own about 46% of all wealth on Earth, according to a report titled “Working For the Few.” (OXFAM)

    These 85 people allegedly have about $110 trillion in wealth.

  3. John S Warren says:

    First, thank you Jim Cuthbert for your trenchant analysis.

    Sir Charles Bean of the Bank of England was recently interviewed by Sky on the long-term prospects for interest rates; when they might return to more ‘normal’ levels, even say, 5%: a 5% rate that if reached quickly now would spark an immediate crisis for Britain. He said “It might be reasonable to think that in that very long term you would go back to 5% but it’s probably quite a long way down the road”. He appears to mean more than 10 years; but how can he possibly forecast future interest rates over such a long period with such certainty? Could it be because to step outside the central-banking orthodoxy is just too horrible to contemplate? Forecasting interest rate over ten years, save as purely technical or academic exercise in methodology, is absurd. And what does it say about the ‘f’ree market’ when a central-banker requires to suggest such implausible long-term constraints over the market, and can prognosticate with such confidence about interest rates for 10+ years? Even the old Communist regimes only planned their far-fetched schemes typically for five years! The anxious wish, and baseless faith, I suspect, was father to the Sir Charles Bean thought.

    Only yesterday the BNP-Paribas $9Bn dollar fine (£5.1Bn) related to criminal charges by the US authorities is a signal of the scale of the problems in the international financial sector and their pernicious nature; and also the disparity between US regulatory authorities efforts to reform and pursue culpability, compared with ‘Europe’; which of course includes the elephant in the room – the City of London. I need not recite the long list of fines paid by international banks to US regulators for failures that were traced to activities in London. As London always likes to remind us – the City is the financial hub of the world.

    London, however (and that means Britain, that means the Union) is not a good place to be if we are prepared to consider the future dispassionately and face reality; particularly as the British taxpayer IS the lender of last resort. I have some difficulty understanding why Scottish Unionist businessmen (sic) have such difficulty understanding the scale of the problem and the degree of risk the Union is carrying for derivative trading activities over which it exercises absolutely no control, which operates under the protection of “too big to fail” and over which Unionists express very little interest. Following the Great Crash of 1929 Roosevelt reformed American banking and the financial system. Following 2007-8 very little fundamental reform has even been attempted in Britain. The new regulatory system (‘tinkering’ seems the best euphemism) in Britain is a ‘hotchpotch’ that scarcely even addresses the underlying problems; probably because of the inherent difficulty to which they draw attention. Incidentally, are we now able even to define for regulatory purposes what IS a “bank”, and does the current legal definition even approach the real world in 2014?

    I will leave this question to hang in the air – but let me close with another germane question: what level of confidence can we currently place in the regulatory control by the authorities in the City of London over rehypothecation? And would someone care to quantify the huge risks to the British taxpayer associated with this form of trade?

    1. Graham Harris Graham says:

      Don’t be fooled into thinking that 4% or 5% is normal. The average monthly rate of interest set by the Bank of England between 1975 & 2009 is actually 9.6%. It is currently 0.5%. This low number is unsustainable because it can really only rise as a consequence of many of the events outlined in the article.

      The UK financial system then is near collapse as it cannot possibly cope with any significant rise & I suspect that the forecast of 2.5% by 2017 made by Mark Carney recently is a stunning example of self denial.

  4. goldenayr says:

    The next time a no spokesperson tries to use the argument about bank bailouts and oil prices,as Forsyth did on that travesty of a debate with Jim Sillars,we should remind them that there is nothing more volatile than money.

    To base an entire economy on a service sector was,from it’s inception,madness.Pyramid sales,which the economy is effectively based on,were proven to be a scam decades ago.To use it as an economic model displays the incompetence of those who claim to control it.

    Have none of them realised yet,that when those at the bottom can no longer support,financially,those at the top,that the whole edifice collapses like a pack of cards,a la 2008.

  5. innerbearsdenurchin says:

    Can I pose a question directly to the author, Jim Cuthbertson?

    Is there a move by the EU or some other authority to change the present convention on national auditing whereby all PFI and unfunded Civil Service pension obligations should be included in the national debt?

    If so, would the actual national debt be over c£3.5 trillion? A debt that the people of Scotland have very probably not caused, at all?

    Unsustainable, except by way of deflation?

    1. Sorry, depreciate, meaning Sterling.

    2. FlimFlamMan says:

      In what currency is UK government debt denominated?


      Who issues sterling?

      The UK government, including the BoE – wholly owned by the UK Treasury.

      The UK government is the only issuer of the ‘thing’ – sterling – which it promises to pay, so it cannot run out of it. It cannot be forced into default.

      “But if it just ‘prints money’ to pay the debt there’ll be hyperinflation and the economy will collapse.”

      For currency sovereigns, paying off the debt is just a swap of one financial asset, the bond, for another, cash or reserves. Doesn’t that sound like QE?

      QE massively increased the amount of reserves in the banking system; from memory the increase has been around 800%. What happened to inflation after QE was started?

      It went down from nearly 5% to less than 2%. Not only was there no hyperinflation, which some claimed would happen, inflation actually went down.

      It’s the same story in the US.

      Government debt is sustainable as long as the nation in question issues its own currency, issues debt in that same currency, and allows its currency to float.

      1. Agreed

        However if Sterling is acting totally alone the currency surely should depreciate against other currencies?

        Unless they are all doing it?

        It is all relative?

      2. Graham Harris Graham says:

        The Pound Sterling has depreciated in value over the last 15 years by around 15% to 20% compared to the US Dollar, Canadian Dollar, Euro, Australian Dollar & Japanese Yen.

        It has depreciated in large part due to falling interest rates. Although this is not not unique to the UK, the UK also suffers from a chronic negative trade balance & a rate of productivity which has been stagnant for 6 years running and shows no sign of improvement soon.

        In summary, the economic activity of Britain is rubbish. A housing boom in Westminster won’t solve anything and will likely cause interest rates to climb pushing the entire country towards the edge of a very tall financial cliff.

        Note that the Pound Sterling saw a sharp rise last week on news that Carney predicted a rise in interest rates to 2.5% by 2017.

        Britain is fucked. Time to get out now.

      3. FlimFlamMan says:


        The currency can drop, but that’s at least partly determined by the state of the economy. If a government runs deficits – building debt – in support of the real economy then that’s unlikely to cause the currency to drop.

        Unfortunately the UK government has been supporting the financial sector and blowing another property (land) bubble. It seems it’s the only thing they know.

        Despite that, the value of sterling has been increasing, especially in the last few months. A big part of that is the continued tragedy of the eurozone (although eurozone policies mean the euro is badly overvlaued, hurting the periphery in their stated task of exporting out of trouble), and the faltering US recovery.

        The complexity of global economics means there’s no simple answer, but there are particular aspects that are clear and which people need to be aware of. One of those is the nature of currency sovereignty.

        The UK government can and does adopt horrible policies, horrible for most of the UK population that is. They’re wonderful policies if you’re a bankster. But the idea that UK government debt, or US or Japanese or Australian, is a problem and that they’re ‘broke’ is just plain wrong.

        A sovereign government can always spend to support the real economy and full employment. The deficit and debt are not problems in and of themselves, provided the government doesn’t attempt to exceed the capacity of the economy.

        1. Thanks for that FlimFlamMan

          My understandin, not in any way quantified, is that part of the reason for the “strength” in Sterling was the inflow of QE money which had been borrowed at next to no real interest rate, and placed in Bric economies.

          It was repatriated because of the announcement by the B of E that UK interest rates would be rising thus making these monies less attractive abroad?

          A bit like the Japanese carry trade, from London?

      4. FlimFlamMan says:


        QE, and low bond yields, do push people into shifting their portfolios; they’re the main reason for the currently ridiculously high stock values. The ‘carry trade’ is a bit different though.

        Borrowing in low interest countries and speculating in higher return assets in other countries is undoubtedly happening, and several emerging market countries have complained about the effect on their economies. The effect of UK, and especially US, policy that is.

        QE is swapping bonds for reserves and cash, with the stated intent – though the gov. doesn’t really say it now – of boosting lending via all those new reserves held by banks. It didn’t work, because bank lending isn’t reserve constrained.

        So yes, money has been borrowed, but it’s not QE money; the borrowing would be happening with or without QE. In both cases the ‘hot money’ can end up in the same place, but the sources are different.

        And of course the US has been and is still engaged in heavy QE, so the UK isn’t really on a different track there.

        As for repatriation; I can’t see it happening, at least not for that reason. Speculators will stick with higher returns elsewhere until things actually change. That’s why carry trades can unwind so fast.

  6. Les Wilson says:

    I watch and read many financial articles, and very many people deeply involved in such issues have been
    issuing warnings of the kind of description for quite a while now. It IS time that both the SG and the YES campaign to get their teeth into this, and reporting the dangers of remaining in the UK brings to Scotland.

    Even if we do vote out, it would not completely ring fence us from an economic upheaval, but it would, likely protect us from the worst. This would be because we have smaller debts and high concrete assets.
    However, it really depends on how a Scottish Government would handle the situation, so yes, it needs to be brought out in the open NOW, and to be pushed as much as possible as such a happening while feeling distant, is actually very close. It only needs a big Black Swan event to set it off.

    This is also why I would prefer, a peg to the pound, as such an economic event would also badly effect Europe, I would take the EFTA route for similar reasons as the peg, which itself may only be a temporary solution. Smaller countries are more nimble, able to change to circumstances much quicker, we need to think deeply about this issue and excellent that it has now been highlighted.

  7. Tony Philpin says:

    It is worth reading Jim and Margaret Cuthbert’s Common Weal paper on debt here.

    There is another risk to the economy – one which actually caused/amplified the 2008 crash. According to Hy Minsky’s Financial Instability Hypothesis – and Steve Keen’s commentary – it will require only a very small change in the rate of debt increase i.e. reduction in the rate at which money is lent, to trigger another crash. The entire economy is basically a Ponzi system and, in the final phase of the cycle, requires asset growth to be high enough to service lending (as well as fuel consumer spending via credit). If there is an interest rate hike or other reluctance by the banks to lend then there will be a new crisis. There does not need to be a halt to bank lending just a slowing down of the rate of increase of debt. The BoE has no chance of restricting the house price bubble if it is already 4x the rate of inflation – they simply do not have the tools to do the job. The banks only want to lend on low risk property mortgages – at least until the bubble bursts and we already have a massive productivity problem due to lack of investment in industry. So we are already well into a new Minsky cycle. If the 97% of money created as debt by banks was under central control – as it ought to be anyway, then we may stand a chance. Keynsian investment, initially through government infrastructure projects and then via the multiplier effect can mitigate this. Scotland needs a central bank which has full monetary control as a start to breaking the Minsky cycle. Joining sterling formally may well be a fatal error for a new Scotland. The Minsky cycle was ignored for many years and is still denied by the neo-liberals who still make current policy. The real risk is that we may get dragged down by a rUK crisis even if we have control of our domestic economy – another reason for a sensible approach to the EU.

    1. John S Warren says:

      How splendid to see an advocate of Minsky’s FIS. For those unfamiliar with this critically important economic thinker, Hyman Minsky was a Neo-Keynsian economist who was based in that centre of Monetarism (Friedman) and neo-conservativism (Leo Strauss) – the University of Chicago. He spent his life in a minority intellectual position, but since 2007 especially he has been rediscovered; to the great discomfort of prevailing orthodoxy. He now reads like a prophet. He should be read widely. His papers are easily and freely available on the Web. This link to his 1992 Financial Instability Hypothesis paper is set out below. He died in 1994 but not before he predicted the Credit Crunch. His papers are generally relatively short, elegant, and easily read by the non-specialist. So READ!

      1. FlimFlamMan says:

        It’s true, but sadly, despite whatever discomfort they may feel, the orthodoxy are still running the show pretty much everywhere you look. Minsky, and Post Keynesians in general, have a much better handle on how economies actually function, but where do they decide policy? Or even influence it?

        In an independent Scotland? Maybe, but only if the Scottish people push for it, and that will only happen if people know what to push for.

        The Levy institute is an excellent source, as are UMKC and Bill Mitchell:

  8. qzchambers says:

    I’m worried by the article but don’t have a head for the economics. What action can ordinary people be taking to protect themselves?

    I’m also worried by the apparent lack of communication from Westminster with the Scottish government over big UK expenditure projects like Trident and HS2. It doesn’t bode well for good relations post-indy on major economic issues which will affect both countries.

  9. Gordon says:

    The City of London has the best system in the world for converting real money into virtual money. We manufacture, invent, produce, mine, cure, construct, provide services and generally work in the real economy to add value through ingenuity, ideas and efficiency of production only to see our money go into the City to be converted into funny money (virtual money) i.e. increased by manipulation in money markets, the stock exchange, hedge funds, trade in debt ‘instruments’ endowment policies etc. Meanwhile, a large amount of this money sticks to the fingers of those manipulating it in the form of extortionate ‘expenses’ and ‘management fees’ for doing very little.
    There must be a better system for the general public and business to get value for the real money they have earned, a better place to invest our pensions, a better system in general for looking after our savings and investments than to see the returns for the ingenuity and toil they have put in made to look farcical compared to the earnings in the City in return for very modest effort and talent. A different system might at least see at least all of the money we have saved for our pensions during our working lives at our disposal on retirement plus some interest, instead of it being swallowed up by City slickers.

  10. Scottie says:

    One of the major contributors to the economic woes of the uk is the power given to commercial banks to create new money when they lend.
    I recommend people watch this short film. I am very much in favour of a Scottish currency

  11. iain t says:

    A strident argument against currency union with rUK, surely? Why be tied to its housing bubble economy?

    Hopefully the CU is just a card which will be discarded in exchange for something more valuable.

    As regards the Yes campaign, I suspect the desire to maintain a positive campaign (in the face of constant No scares & negativity) outweighs the temptation to scare the hell out of the voters. That may yet change.

    Gordon McIntyre-Kemp at Business for Scotland has been singing the same song as you for at least a year now, so no-one who’s heard him speak should be in the dark. That will just be business folk, obviously.

    My work brings me into close contact with banks regularly, so based on my experience I’m all too ready to accept your views on their current state. Casting out all the experienced bankers and replacing them with call centre workers may just urn out to be a false economy.

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