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A fog of uncertainty has hung over the British economy since the summer of 2016. The EU referendum, snap general election and hung parliament coincided with spikes in quantitative measures of uncertainty. The Bank of England, HM Treasury and the International Monetary Fund argue that this uncertainty will not pass without economic consequences.
Prof John Turner
A long shadow has been cast over the British economy by the banking crisis of 2007-8. The economy slumped by about five per cent in 2009 and has been slow to recover. Economic growth, for example, was three per cent per year on average in the ten years before 2007 but has been little more than one per cent in the decade since. How does the aftermath of this banking crisis compare with those from Britain’s past? Is this time different?