The Bank of England is warning of a crash — so here's what you can do before it hits
Richard J Murphy
927,865 views
The Bank of England has suggested we're facing mega economic uncertainty right now. Stock markets are at record highs. Shadow banking is exposed to AI speculation. The war in Iran has no end in sight. And the minister responsible for managing crises in the UK - Darren Jones MP- is telling us to keep calm and carry on. That is not good enough. There are things you could actually be doing right now.
These are practical steps to protect yourself:
Pensions: if you are near or are in retirement, take advice now on pension risks and withdrawals and choose the right risk exposure for you.
Savings: if you hold more than £120,000 in a single bank, split it to stay within the government guarantee limit.
Your job: this might not be the moment to change employer; job security is more valuable than it looks at times like this.
Mortgages: You might want to avoid locking in a long fixed rate; consider a variable or one-year deal, as interest rates may fall sharply if the economy crashes.
Energy: if you can afford a fixed-price contract, it may be worth taking one now before prices rise further.
Secondhand goods: sell your unwanted items now to realise cash, before a downturn floods the market and prices collapse.
Cars: do not buy now, but wait for a better-quality used car at a lower price as finance deals unwind, as many might do soon.
Voting: back parties that believe in state intervention: the Greens, SNP, and Plaid Cymru are most likely to act in your interest when markets fail.
The government is not being straight with you. The tools to protect yourself exist, but you need to act before the crash, not after.
Take a look at the poll below: Post
00:00 — Introduction: Preparing personally for a potential financial crisis
01:00 — Bank of England warnings about multiple converging risks
02:00 — Key threats: stock market crash, AI bubble, and oil crisis
03:00 — Shadow banking risks and comparison to the 2008 financial crisis
04:00 — Government vs central bank messaging: reassurance vs uncertainty
05:10 — Core principle: focus on what you can control in uncertain times
06:20 — Personal finance strategies: pensions, job security, and risk awareness
07:40 — Building cash resilience: selling unused assets and timing markets
09:00 — Opportunities and risks in secondhand markets and side income
10:20 — Big financial decisions: cars, mortgages, and energy contracts
12:00 — Political choices and economic outcomes
13:40 — Practical safeguards: savings protection and deposit limits
14:50 — Conclusion: caution, preparedness, and personal responsibility
TRANSCRIPT
A transcript for this video is available at: https://www.taxresearch.org.uk
IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO
If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2...
HOW TO SUPPORT US
Please consider donating: https://ko-fi.com/taxresearch
ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
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INTRODUCTION: Welcome to my channel - Richard J Murphy -...
PLAYLISTS:
The Wealth Series
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Ecenomics
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Tax
Tax
MMT
MMT
Money
Money
Climate Change
Climate Change
USA
America and Trump
Labour
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#richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #FinancialCrisis #StockMarketCrash #BankOfEngland #ShadowBanking #PersonalFinance #PensionAdvice #SavingsProtection #MortgageAdvice #UKEconomy #UKPolitics #Neoliberalism #2008Crash #DarrenJones #RichardMurphy #FundingTheFuture
20 Comments
We all could do something to help yourself.
Good luck to you all.
No bailouts for private gambling in the finance market!
In 2001 I finally bought my first new car, a Toyota Prius. Last week, after 25 years of driving and nearly a quarter million miles, I donated it to my state's public media foundation. I have a second Prius, a 2010 model, that I got from my parents when my dad stopped being able to drive. That may well be the last car that I ever own.
The Bank of England is warning of a crash — so here's what you can do before it hits
Richard J Murphy
927,865 views
The Bank of England has suggested we're facing mega economic uncertainty right now. Stock markets are at record highs. Shadow banking is exposed to AI speculation. The war in Iran has no end in sight. And the minister responsible for managing crises in the UK - Darren Jones MP- is telling us to keep calm and carry on. That is not good enough. There are things you could actually be doing right now.
These are practical steps to protect yourself:
Pensions: if you are near or are in retirement, take advice now on pension risks and withdrawals and choose the right risk exposure for you.
Savings: if you hold more than £120,000 in a single bank, split it to stay within the government guarantee limit.
Your job: this might not be the moment to change employer; job security is more valuable than it looks at times like this.
Mortgages: You might want to avoid locking in a long fixed rate; consider a variable or one-year deal, as interest rates may fall sharply if the economy crashes.
Energy: if you can afford a fixed-price contract, it may be worth taking one now before prices rise further.
Secondhand goods: sell your unwanted items now to realise cash, before a downturn floods the market and prices collapse.
Cars: do not buy now, but wait for a better-quality used car at a lower price as finance deals unwind, as many might do soon.
Voting: back parties that believe in state intervention: the Greens, SNP, and Plaid Cymru are most likely to act in your interest when markets fail.
The government is not being straight with you. The tools to protect yourself exist, but you need to act before the crash, not after.
Take a look at the poll below: Post
00:00 — Introduction: Preparing personally for a potential financial crisis
01:00 — Bank of England warnings about multiple converging risks
02:00 — Key threats: stock market crash, AI bubble, and oil crisis
03:00 — Shadow banking risks and comparison to the 2008 financial crisis
04:00 — Government vs central bank messaging: reassurance vs uncertainty
05:10 — Core principle: focus on what you can control in uncertain times
06:20 — Personal finance strategies: pensions, job security, and risk awareness
07:40 — Building cash resilience: selling unused assets and timing markets
09:00 — Opportunities and risks in secondhand markets and side income
10:20 — Big financial decisions: cars, mortgages, and energy contracts
12:00 — Political choices and economic outcomes
13:40 — Practical safeguards: savings protection and deposit limits
14:50 — Conclusion: caution, preparedness, and personal responsibility
TRANSCRIPT
A transcript for this video is available at: https://www.taxresearch.org.uk
IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO
If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2...
HOW TO SUPPORT US
Please consider donating: https://ko-fi.com/taxresearch
ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
RICHARD MURPHY ON BLUESKY:
https://bsky.app/profile/richardjmurp...
OR
ON MY BLOG: http://www.taxresearch.org.uk/Blog/
HIT SUBSCRIBE & GET NOTIFICATIONS
Subscribe and get notified of new videos released.
INTRODUCTION: Welcome to my channel - Richard J Murphy -...
PLAYLISTS:
The Wealth Series
The Wealth Series
Ecenomics
Economics
Britain
Britain
Tax
Tax
MMT
MMT
Money
Money
Climate Change
Climate Change
USA
America and Trump
Labour
Playlist
The Trump Administration
Playlist
#richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #FinancialCrisis #StockMarketCrash #BankOfEngland #ShadowBanking #PersonalFinance #PensionAdvice #SavingsProtection #MortgageAdvice #UKEconomy #UKPolitics #Neoliberalism #2008Crash #DarrenJones #RichardMurphy #FundingTheFuture