Banks, government 'responsible for credit crunch'

Monetary institutions as well as the government can be partially blamed for the country's current financial situation, it has been claimed.

According to Fool.co.uk head of personal finance David Kuo, two in seven Britons believe that the banks are responsible for the credit crunch.

Mr Kuo stated that "for lulling people into believing that there would be no return to boom and bust", the government should also be blamed.

"Both the banks and the government have to take equal responsibility for the credit crunch," the expert commented.

The survey from the finance group also found that 23 per cent of people in the UK shoulders places the blame for their current monetary situation on themselves.

Spiralling interest rates as well as a drop in house prices have resulted in homeowners who have taken out secured loans feeling the pressure, according to a report from the Daily Mail.

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