Brits are in a bit of a jam. The banking crisis in Europe will be coming to a head this spring/summer. The real question is whether the crisis is a solvency problem or a liquidity problem......
As it looks to me, it is a solvency problem and will cause much grief in the near future due to the excessive bad debts being carried on the banks' books. They never went through the pain, correction and bailout that we did in 2008 so they have not yet had their day of reckoning.
Just my opinion.
