No stress IV

A new paper by Kevin Dowd, Professor of Professor of Finance and Economics at Durham University and Senior Fellow at the Adam Smith Institute, explains the inadequacy of the Bank of England’s stress tests and argues that the UK’s banking system is still an accident waiting to happen. The continuing weakness of UK banks after a long economic recovery is testimony to the failure of the Bank of England to perform its core function and rebuild the strength of the banking system after the trauma of the crisis.

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