UK's high street banks are accident waiting to happen, says report

Bank of England's stress tests are not gruelling enough, says report to mark 10 years since run on Northern Rock

The UK's high street banks are an accident waiting to happen and could struggle in another financial crisis, according to a report published on Wednesday to mark the 10th anniversary of the run on Northern Rock.

The report criticises the annual health checks - stress tests - that have been conducted by the Bank of England since the crisis and concludes that the methodology used by Threadneedle Street is flawed and the tests not gruelling enough.