Chancellor George Osborne preparing for "war"
Chancellor George Osborne preparing for "war"

Leading British and American authorities are staging a simulation of a financial crisis today to ensure they know how to tackle the failure of a banking giant should it occur again in future.

The Financial Times (£) reports that all of the main players who would need to be involved in combating a "too-big-too-fail" collapse, such as one involving Goldman Sachs or Barclays, are taking part in the event in Washington DC.

It is hoped the "war games" exercise will ensure all of those involved - including chancellor George Osborne and Bank of England governor Mark Carney - will know exactly what to do should a crisis occur again like the one that affected Lehman Brothers and Northern Rock six years ago.

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