What would happen if the UK went bankrupt?
Imagine you wake up one morning to find that Britain has declared bankruptcy. The pound has been dropped as a currency and the country is no longer able to pay its debts. The financial system is in meltdown and there are no laws to stop the banks from collapsing.
“Britain’s public finances were in dire straits, the government admitted yesterday – but it said there was no need for panic.”
After the bankruptcy
The first thing to happen would be a run on the banks. People would rush to withdraw their savings and as this happened, banks would start to go bankrupt. Rather than pay out their customers’ money, they’d be more likely to close their doors or freeze people’s accounts. This would mean that people wouldn’t be able to get at their life savings. They wouldn’t be able to buy food or petrol and so queues at supermarkets and petrol stations would start to build up. Because supermarkets are reliant on suppliers who deliver using trucks, shortages of fuel might mean that food warehouses couldn’t be restocked.
Donald Rumsfeld
Donald Rumsfeld, who was secretary of defense under President George W Bush when the US experienced similar bank failures in 2008, predicted this scenario.
It’s not likely going to happen
While it’s not likely going to happen, the UK could technically go bankrupt. If the UK went bankrupt, the UK would have to present its debt in the form of IOUs to China, Russia, and other countries. The government would then be responsible for repaying these debts over a long period of time.
Here’s a list of some banks that went bankrupt in the UK
-Northern Rock
-Lloyds TSB
-Royal Bank of Scotland
-Halifax Bank of Scotland
This list of banks in the UK that went bankrupt will bring you up to speed with the history of the banking industry in the United Kingdom.
One of the most famous bank failures of all time was that of Barings Bank, which was established in 1762 and continued until 1995 when it was bought out by ING Group. In 1995, Barings Bank became embroiled in a scandal after Nick Leeson lost $1.3 billion in futures trading, leading to its collapse. The bank itself was not at fault for Leeson’s actions, but it had assumed responsibility because he was acting on behalf of the company.
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Mona, Utah
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Mona, Utah
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Mona city office
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Location in Juab County and state of Utah
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| Coordinates: 39°48′55″N 111°51′23″WCoordinates: 39°48′55″N 111°51′23″W | |
| Country | United States |
| State | Utah |
| County | Juab |
| Settled | 1852 |
| Incorporated | 1924 |
| Became a city | April 1, 2001 |
| Named for | Isle of Man |
| Government
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| • Mayor | Bill Mills[1] |
| Area | |
| • Total | 2.62 sq mi (6.79 km2) |
| • Land | 2.59 sq mi (6.71 km2) |
| • Water | 0.03 sq mi (0.08 km2) |
| Elevation | 4,974 ft (1,516 m) |
| Population
(2010)
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| • Total | 1,547 |
| • Estimate
(2019)[4]
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1,807 |
| • Density | 697.68/sq mi (269.40/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84645
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| Area code | 435 |
| FIPS code | 49-51140[5] |
| GNIS feature ID | 1443548[3] |
| Website | www |
Mona is a city in Juab County, Utah, United States. As of the 2010 census it had a population of 1,547.[6] It is part of the Provo–Orem metropolitan area.
The city is about halfway between Santaquin and Nephi along Interstate 15. The population was 850 at the 2000 census, which at the time was sufficient under Utah state law for Mona to become a city.[7] It did so in 2001.
A farm owned by Young Living raises 200 acres (0.81 km2) of lavender on the north side of town.[8] Mona is known for its annual Lavender Festival.
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What would happen if the UK went bankrupt?https://t.co/lISOBWqTkS pic.twitter.com/G5IMEDMy0R
— Jan Meriss Alfonso (@MerissJan) November 23, 2022
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