UK banks lose £71bn off market value in year

A Digital Look study suggests Northern Rock’s emergency funding announcement on 14 September 2007 was a tipping point for UK banks, eventually “devastating” the sector. Digital Look says UK banks have now fallen £136bn in value from their three-year highs, and remain hugely volatile. “Daily share price changes of 5% or 10% are now getting common,” Digital Look director Andy Yates says. “It basically shows that investors haven’t got any firm grip on where banks are going or what write-downs are still to come. “A lot of private investors have made a packet from trading in and out of b...