UK could face ‘banking crisis worse than 2008’ if City fails to prepare for fossil fuel collapse

Report from climate activist groups says City is unprepared for potential collapse in value of fossil fuel assets

The UK could suffer 500,000 job losses and be forced to spend 674bn of taxpayer cash to rescue its banks and ensure financial stability, unless the City prepares for the value of fossil fuels to collapse as a result of climate crisis regulations, research shows.

The report, published by a collective of climate activist groups known as the One for One campaign (pdf), suggests those financial repercussions could eclipse those linked to the 2008 banking crisis, which forced tohe government to bail out major lenders including Royal Bank of Scotland and Lloyds Banking Group, and cost the UK roughly $556bn (457bn).