Financial services

Tackling the financial crisis

The global financial crisis has seen the UK Government take unprecedented action to prevent collapse in the financial markets and support the broader economy. Government action is focused on:

stabilising the banking system to protect people's savings and the economy;
cleaning-up bank balance sheets and getting credit flowing to support economic recovery;
addressing regulatory failure at home and abroad; and
re-building competition in the banking sector and delivering a better deal for consumers.

Interventions have in some instances focused on specific institutions, while others support the broader financial system. Sector-wide schemes have included:

Both through these schemes and in one-off interventions the Government has taken direct action in relation to:

As well as providing direct support to the financial sector, work is well underway to reform the system for the future. The Government is pursuing an ambitious regulatory reform agenda both at the international and domestic level to help prevent and contain future crises and improve competition and choice for consumers. This work includes:

In addition, a number of related consultations are underway.

Tackling the financial crisis

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