It may not be 2008 all over again – but this banking turmoil is not without danger | Richard Partington

New approach is needed to get UK through looming credit crunch after failure of recovery from crash

Crashing financial markets, depositors rushing to withdraw their money, and fears over the next domino to fall. Not since the 2008 financial crisis has the global banking system appeared so fragile, as the rapid increase in interest rates used to tackle soaring inflation sends shock waves through the City.

In the turmoil of the past fortnight, the Swiss government-brokered rescue of Credit Suisse by UBS and the failure of Silicon Valley Bank has led investors on both sides of the Atlantic to ask the same question: is this 2008 all over again? How bad can it get?