Financial crisis could happenagain, warns King

| 07/03/2011

(Guardian): Britain risks another financial crisis unless it undertakes fundamental reform of the banking sector, the governor of the Bank of England has warned.Mervyn King said "imbalances" in the banking system remained unresolved and were "beginning to grow again".He criticised high street banks for routinely exploiting their customers and urged them to take a longer-term approach to their business rather than simply trying to maximise profits. “We allowed a [banking] system to build up which contained the seeds of its own destruction," King said.

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