UK financial system

Understanding financial crises – What we know and what we’re doing

On 14 September 2007, Northern Rock became the first UK bank in 150 years to suffer a bank run. This is typically seen as the first sign of the Global Financial Crisis beginning to unfold in the UK. As we approach the tenth anniversary of this landmark moment, ONS has published analysis of its new ‘Flow of Funds’ data showing just how the risks built up in the run-up to the crisis. Richard Campbell explains…

Read more