Britain economy is in serious crises as a result of globalisation . Due to the nice package given by the banks to workers,Majority of people also went in for mortgages. unfortunately the prices for house has falling interest rate is still high and as result most people can not afford to pay their loan. this issue has affected investors,shareholders and the banks.
The effect of the sub prime cries which affected US some years ago has affected UK economy.
As a results of liquidity crises occurred and people are defaulting can not pay their loan,the government has to rescue northern rock.
Philosophy of globalisation
Liberalisation trade,no rule and regulations,no obligation has given the power to multinational trade to gain interest
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