Yesterday we were told that all banks are about to go bust and that thus they must all be nationalised.
Today the Bank of England, who actually know about such things, tells us that:
The Bank’s financial policy committee, which assesses risks to the financial system, carried out analysis of what would happen to banks and building societies if GDP fell by 30 per cent in the second quarter compared to the final three months of 2019 and by 14 per cent this year. Lenders would suffer from about £80 billion in losses, but that would be well below the £120 billion of losses they demonstrated that they could withstand under the Bank’s 2019 stress test of the sector.
Who to believe, eh, who to believe?