The British government said Monday it would provide up to 37 billion pounds (US$63 billion) in government money to boost the balance sheets of three of Britain's largest banks. (Oct. 13)... ( read more )
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The British government has been bailing out banks since the 2008 financial crisis. The reason for this is that the banks were in trouble due to their own actions, and the government had to step in to prevent a collapse of the financial system. Banks are a crucial part of the economy. They provide loans to individuals and businesses, keep money safe, and facilitate transactions. However, banks can make mistakes, and in some cases, they can be reckless in their lending practices. The financial crisis of 2008 was caused in part by the banks' risky lending practices. They lent money to
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