UK 'on cusp' of second banking failure

The New Economics Foundation (NEF) says that by next year banks will face a £25bn funding gap after analysing Bank of England (BoE) data. According to its report, Where did our money go?, an estimated £1.2trn of state cash has already been pumped into the banking system. In late 2008, RBS and Lloyds had to be part-nationalised as they ran up huge losses during the credit crisis, while others including HSBC also benefited from cheap credit provided by the central bank. The NEF says there has been a "shocking" lack of information on how the money has been used. It adds new lending...