Great Recession

At the height of the 2008 banking crisis, Mervyn King backed the wrong plan, which triggered a vicious deflationary shock in the UK

“The boom in the output of the financial sector was a boom in productivity. This has been stopped in its tracks by bureaucracy and regulation.”

The FT’s chief economics commentator debates Standpoint’s columnist Tim Congdon on the Great Recession, austerity, and the proper use of fiscal policy