UK Money News
19th February 2008
Brits losing faith in banks
Consumer confidence in British banks has been severely damaged by the fallout from the US sub-prime crisis, a study has shown.
Yesterday, the government confirmed it is to nationalise Newcastle-based bank Northern Rock, which has incurred heavy losses as a result of the collapse of the US mortgage market.
According to a poll conducted by financial website Fool.co.uk, one in five Britons has lost trust in banks in the wake of the crisis.
Meanwhile, one in thirty has considered moving their investments.
David Kuo, head of personal finance at Fool.co.uk welcomed the move to resolve the Northern Rock crisis, but warned that consumers stand to lose out while it is in government hands.
He said: "It was vitally important that the government brought the Northern Rock fiasco to an end to prevent further damaging of consumer confidence in banks.
"Fool.co.uk now calls on the government to swiftly return Northern Rock to private ownership to prevent distortion of the banking market. Healthy competition is vital to ensure that consumers get the best deals."
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