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Britons Blame Banks for Economic Crisis
(Angus Reid Global Monitor) - Most people in Britain think financial institutions in their country and in the United States are responsible for an ongoing global economic slowdown, according to a poll by YouGov and the Fabian Society. 55 per cent of respondents say banks in the two countries are most to blame for the crisis for knowingly lending money to people who were not going to be able to pay it back.
Conversely, 24 per cent of respondents say the government is most responsible for the problem for allowing banks to lend out too much money, while 17 per cent of respondents believe all of us are to blame for not exercising self-control.
Since 2007, defaults on so-called subprime mortgages—credit given to high-risk borrowers—in the United States have caused volatility in domestic and global financial markets and pushed the U.S. economy into a recession. A recession is defined as two consecutive quarters of negative growth. The crisis has affected the global financial and credit systems.
Britain has been hit hard by the global financial crisis. The government has intervened to save bankrupt banks and boost the economy. In November 2008, Labour leader and British prime minister Gordon Brown introduced a "shock-treatment" stimulus package to jump-start the country’s economy through tax cuts, increased government spending and a greater role in government lending. The package was valued at $31 billion U.S.
On Jan. 7, British chancellor of the exchequer Alistair Darling said that Britain’s recession is "far from through," adding, "I see 2009 being difficult. We are going to be affected by recession as well as other countries as well."
Polling Data
Thinking about the recent economic downturn and "credit crunch" which one of the following groups would you say is most to blame?
|
The banks in Britain and America for giving people money they couldn’t possibly pay back |
55% |
|
The government for letting it happen and allowing banks to lend out too much money |
24% |
|
All of us for not too exercising enough self restraint |
17% |
|
Don’t know |
4% |
Source: YouGov / Fabian Society
Methodology: Online interviews with 2,044 British adults, conducted from Nov. 28 to Dec. 1, 2008. No margin of error was provided.