Friday, Jun 26, 2009
Denis Healey Goes to the IMF
MAIL: Is British Economy Heading Back to the '70s?
"The numbers peppered through the Bank of England's latest Financial Stability Report are staggering. Global credit crunch losses stood at £15trillion at the end of March, or half of world gross domestic product. Rising unemployment, which already exceeds 2.2million in Britain, will trigger further loan defaults and deplete banks' capital..... For example, the report says mortgage arrears in Britain could be set to double as the recession bites".
Posted by alan @ 08:33 AM (678 views) Add Comment
2 Comments
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1. devo said...
"Or a 'good bank - bad bank' solution could be found, the Bank said, stripping the toxic assets from firms' balance sheets entirely and leaving a healthier institution in place."
This cliché has been trotted out for at least 2 years, with no progress being made as far as I can see.
Call me a cynic, but I don't think it is a solution.
2. The Baldman said...
If the seventies means flairs, real policeman who caught villans and footballers who coudl tackle bring it on!