2008 United Kingdom bank rescue package
In the period September 2007 to December 2009, during the events now widely known as the Global Financial Crisis, the UK government enacted a number of financial interventions in support of the UK banking sector and four UK banks in particular.
Ceremonial plaque from the opening of Lehman Brothers’ European HQ in Canary Wharf in 2004. Later, in 2010, this would be auctioned by the Lehman administrators for £28,750
People queuing at a branch of the Northern Rock bank in Brighton on 14 September 2007.
2007–2008 financial crisis
The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession.
A continuous buildup of toxic assets in the form of subprime mortgages purchased by Lehman Brothers ultimately led to the firm's bankruptcy in September 2008. The collapse of Lehman Brothers is often cited as both the culmination of the subprime mortgage crisis, and the catalyst for the Great Recession in the United States.
Share in GDP of U.S. financial sector since 1860
People queuing outside a Northern Rock branch in the United Kingdom to withdraw their savings during the financial crisis
The American Recovery and Reinvestment Act of 2009 provided a payroll tax credit repealed in late 2010.