Global economy not on the cusp of another 2008, says Bank governor Bailey

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The world is not on the cusp of another banking crisis of the scale of the 2008 crash despite recent jitters in the market, Bank of England governor Andrew Bailey has said.

Speaking in Washington DC, Mr Bailey said the banks themselves are in a better position than they were, and that authorities also have better tools to deal with any potential problems.

“I do not see the evidence that we’ve got on our hands what I would call the makings of a 2007/08 financial crisis,” he said at an event hosted by the IMF in Washington on Wednesday evening UK time.

“I think the system is in a much more robust condition – that’s the first point of defence.

“The second point of defence is that we’ve got a lot more tools in our armoury to deal with these things than we…

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