If you are referring to the 2008 credit crunch and its aftermath, this was a world-wide crisis. Giant companies - General Motors, Chrysler, AIG, Renault, Peugeot - had to be rescued, entire economies (Southern Europe, Ireland, the US itself) propped up.Britain was especially vulnerable for two reasons. The City was a cesspit of dodgy dealing (ask Javid, up to his neck in CDOs and derivatives at Deutsche Bank), and the Thatcher/Major mission to turn this country into an industrial desert had left the UK dangerously dependent on the finance sector.History will judge the response of Brown and Darling to have been exactly right – swift, bold and imaginative. They countered threatened economic collapse with hefty deficit spending. They were following the rule book of John Maynard Keynes, a Liberal and the cleverest man of the twentieth century, just discovered by Sunak. By 2010 the economy was reviving again, only to be hit by Osborne’s pointless, mean-spirited and economically illiterate Austerity trick. And now the vultures are coming home to roost.
Anthony Warwick-Ching ● 2419d