Senior banking official is stashing cash at home in case AI crashes the global financial system, IMF summit reveals

From the Newshound archive · first published 13 October 2026 · last updated 14 October 2026.

A senior banking official privately confessed to keeping physical cash at home out of fear that a rogue AI model could bring down the financial system — a disclosure made at the IMF's annual summit in Bangkok. Regulators and officials told the columnist, one after another, that they are alarmed by AI tools being developed at a furious pace. London faces particular exposure, with the City accounting for up to 12 per cent of national wealth and hosting the world's largest foreign exchange markets. Major cyber attacks have struck Jaguar Land Rover, Marks & Spencer and Asos within the past year alone.

The IMF simultaneously raised its UK growth forecast for 2026 to 1.3%, citing an AI investment surge, but cut the 2027 outlook over rising energy costs.

Officials at the summit warned that a single rogue AI model shutting down one of London's financial networks could cause havoc across global markets.

Britain is seen as more vulnerable than almost any other advanced economy, after losing its AI edge to American and Chinese giants while the City remains the world's second most important financial centre.