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Britain’s Jobs Statistics Crisis Gives Banks a Growing Headache
Britain’s banks may be putting extra money aside to cover bad loans due to confusion around the country’s faulty labor market data. Lenders use the unemployment rate alongside other metrics including GDP, property prices, inflation and interest rates, to try to project how many people will default on their loans. However, the UK’s Office for National Statistics has been struggling to collect sufficient and accurate data on employment trends, leading to severe criticism from central bankers and politicians. HSBC, Barclays, Lloyds and NatWest had £21.8 billion ($27.6 billion) of provisions set aside globally at ... (full story)
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- Posted: Dec 1, 2024 2:30pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 4,640
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