Bank run When a bank suffers a sudden rush of withdrawals by depositors, this is called a bank run. Since banks lend out most of the cash they receive in deposits see fractional-reserve bankingit is difficult for them to quickly pay back all deposits if these are suddenly demanded, so a run renders the bank insolvent, causing customers to lose their deposits, to the extent that they are not covered by deposit insurance. An event in which bank runs are widespread is called a systemic banking crisis or banking panic.
Even the deckchairs have left: The more the economy rots, the more some people come. People such as Chris Hopkins, 37, a lanky man with a curious mind and a quick tongue. Five years ago, he was living 40 miles away, working for temp agencies in unskilled factory jobs. One day, after he complained about the state of his flat, his landlord told him to move out.
Blackpool topped the list, so that is where he went. The first flat the estate agent showed him was a single room the size of a large rug, with a bathroom shared by three others. But the next place was a keeper: But cheap flats are not the only draw.
Many Brits have happy memories of Blackpool: Blackpool exports healthy skilled people and imports the unskilled, the unemployed and the unwell.
As people overlooked by the modern economy wash up in a place that has also been left behind, the result is a quietly unfolding health crisis. Antidepressant prescription rates are among the highest in the country.
Life expectancy, already the lowest in England, has recently started to fall. Doctors in places such as this have a private diagnosis for what ails some of their patients: Rajpura laughs when I mention it. People with SLS really do have mental or physical health problems, doctors say.
But they believe the causes are a tangled mix of economic, social and emotional problems that they — with to minute slots per patient — feel powerless to fix. The relationship between economics and health is blurry, complex and politically fraught. But it is too important to ignore.
Populist politicians all over the world are making a potent appeal to those who feel the economy no longer works for them. Then there is the financial cost.
In reality, spending has barely budged. The story of Blackpool is a story about the failure of national policies to support places on the edge.
A trader at the New York stock exchange. The last four years have seen five key stages of the global financial crisis, with more likely to come. The financial crisis has its origin in the US housing market, though many would argue that the house price collapse of - is a symptom of a problem running much deeper, revealing a fundamental weakness in the global financial system. A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of.
But it is also a story about how — in the face of necessity — people are trying new ideas to turn things around. It remained a popular place for family holidays for much of the 20th century, until the rise of budget airlines diverted tourists to sunnier destinations.
Soon, fortnight-long holidays gave way to day trips and drunken stag dos. The flat Hopkins moved into was so damp he had to throw away a pair of trainers and jeans because they went mouldy. None of the jobs lasted. When he tried to find work at the Blackpool Pleasure Beach, he felt sorry for a fellow applicant who had worked there for four of the previous five seasons: In the 12 months to the end of August, the local branch of Citizens Advice, a nationwide network of advice charities, helped deal with 3, debt problems.
It was the second most common problem after benefits; together they accounted for three-quarters of the total caseload.
She never heard what happened to him. Blackpool has the fourth highest rate of antidepressant prescriptions in the country. It is hard to say why anyone becomes depressed without oversimplifying, let alone a whole town.
But looking at the geographical distribution of antidepressant prescription rates, it is hard to avoid the conclusion that economic and social environments play a role.
The three places ranked above Blackpool for antidepressant use are all deprived areas too, as are the six below it. Gary Phillips, 39, first decided to see a GP when, one night, he felt close to killing himself. Phillips, who was born and bred in Blackpool, had been working in an administration job for the pensions department but was grappling with alcoholism and depression.
The doctor offered him treatment for his drinking and antidepressants.
He spent months alone in his flat, only leaving to go to the shop.1 1. The financial crisis of / and its impact on the UK and other economies Do you still feel vague about the causes and the effects of the financial crisis of /8?
While it's always tempting to boil things down to one or two root causes, the reality is that financial crisis of was caused by a confluence of dozens of factors.
The financial crisis has its origin in the US housing market, though many would argue that the house price collapse of - is a symptom of a problem running much deeper, revealing a fundamental weakness in the global financial system.
The elephants that lumbered up and down Blackpool’s beach have long gone.
Britain’s political parties have stopped decamping to the town for their annual jamborees. Even the deckchairs have. The financial crisis of have made a huge effect on UK economy, the current UK debt is almost five times its GDP. (Turner Review, ) The cur.
"The Impact of the Financial Crisis on UK Company Performance" (Powerpoint presentation) Rebecca Riley, Chiara Rosazza Bondibene and Garry Young 14 November University of .