2008 Financial Crisis

% of CDOs with best rating, % that defaulted

70% best rated

75% defaulted

jobs lost in US in 2008

2 million

everyone in UK estimated how much worse off

£20,000

US amount spent on bailouts of banks

$498 billion

UK amount spent on bailouts of banks

£137 billion

UK banks nationalised

Bradford and Bingley (Santander)

Northern Rock

acquired parts of Lloyds and RBS

US spent on stimulus response

6% of GDP

UK spent on stimulus response

2\.2% of GDP

US tax reduced for individuals

$237 billion

US tax reduced for businesses

$51 billion

US interest rates cut

5\.25% to 0.25%

UK interest rates cut

5\.5% to 1%

Funding for Lending Scheme

2012

US spending on QE

$4.5 trillion

UK spending on QE

£375 billion