# Global financial crisis hits Britain (2008)

URL: https://english-history.com/timeline/2008-global-financial-crisis-hits-britain
Categories: main-event

Major banks faced collapse and the government intervened with guarantees, recapitalization and nationalization. Within the broader Postwar & Modern Uk period, decolonization, welfare institutions, migration, European integration and withdrawal, devolution and social change reshaped the modern United Kingdom. This event is placed at 2008 in the chronology so it can be read alongside the political, military, social and cultural changes around it. The crisis triggered recession, long-term fiscal austerity and a major reassessment of financial regulation.

## Why it matters
The crisis triggered recession, long-term fiscal austerity and a major reassessment of financial regulation.

Ruler at the time: [Elizabeth II](https://english-history.com/rulers/elizabeth-ii)

## Sources
- [Wikipedia topic lookup — Global financial crisis hits Britain](https://en.wikipedia.org/wiki/Special:Search?search=Global+financial+crisis+hits+Britain&go=Go)
- [Encyclopaedia Britannica topic lookup — Global financial crisis hits Britain](https://www.britannica.com/search?query=Global+financial+crisis+hits+Britain)
- [Wikipedia — Timeline of British history](https://en.wikipedia.org/wiki/Timeline_of_British_history)
- [The National Archives — Postwar collection](https://www.nationalarchives.gov.uk/explore-the-collection/explore-by-time-period/postwar/)