The Collapse of Northern Rock
Witness History
BBC
4.5 • 1.6K Ratings
🗓️ 12 September 2017
⏱️ 10 minutes
🧾️ Download transcript
Summary
Customers queued for hours to take their savings out, fearing the mortgage lender was about to go under. The Bank of England had to step in to support it. It was the first sign in Britain of the coming global financial crisis.
Photo: Northern Rock customers queuing outside the Kingston branch, in order to take their money out on September 17th 2007. Credit: Peter Macdiarmid/Getty Images
Transcript
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| 0:00.0 | Just before this BBC podcast gets underway, here's something you may not know. |
| 0:04.7 | My name's Linda Davies and I Commission Podcasts for BBC Sounds. |
| 0:08.5 | As you'd expect, at the BBC we make podcasts of the very highest quality featuring the most knowledgeable experts and genuinely engaging voices. |
| 0:18.0 | What you may not know is that the BBC makes podcasts about all kinds of things like pop stars, |
| 0:24.6 | poltergeist, cricket, and conspiracy theories and that's just a few examples. |
| 0:29.7 | If you'd like to discover something a little bit unexpected, find your next podcast over at BBC |
| 0:35.4 | Sounds. |
| 0:36.4 | Just before this BBC podcast gets underway, here's something you may not know. |
| 0:40.9 | My name's Linda Davies and I commissioned |
| 0:43.0 | podcast for BBC Sounds. |
| 0:45.0 | As you'd expect, at the BBC we make podcasts of the very highest quality, |
| 0:49.0 | featuring the most knowledgeable experts and genuinely engaging voices. |
| 0:54.4 | What you may not know is that the BBC makes podcasts about all kinds of things like pop stars, |
| 1:00.9 | poltergeist, cricket and conspiracy theories, Cricket, and Conspiracy Theories. |
| 1:04.3 | And that's just a few examples. |
| 1:06.2 | If you'd like to discover something a little bit unexpected, |
| 1:09.4 | find your next podcast over at BBC Sounds. Hello, and thank you for downloading the Witness Podcast, History Told by the People who were there. |
| 1:18.0 | I'm Rob Young. Today we go back to 2007 to an event that shook the British financial system, saw trust and the authorities |
| 1:26.1 | evaporate and laid bare the seriousness of the coming global financial crisis. |
| 1:31.6 | In September 2007, investors were nervous. Stock markets were on the |
| 1:36.2 | slide. U.S. lenders had made risky loans, the now notorious subprime mortgages, |
| 1:41.8 | and the terrible state of their books was being |
... |
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