roly

well the government in this country has a savers guarantee scheme where they will compensate personal customers up to £50k per bank account held in different banks. can you imagine how much that would have cost, if numerous banks were going to the wall.

then you would have catastrophic effect on business with no lending going on.

then there's the permanent damage to the reputation of the british financial sector, with london being one of the largest financial centres of the world, which is a very large revenue generator for the british ecconomy.

the british ecconomy would have had a serious depression not a recession if most of the major banks had collapsed.

the worldwide financial crisis was triggered just by lehman bros collapsing.