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<blockquote data-quote="JTL" data-source="post: 847426" data-attributes="member: 49289"><p>The main reason the U.K was hit so hard is nothing to do with government borrowing and everything to do with the size of our financial services sector and being the financial capital of planet earth.</p><p></p><p><span style="font-size: 22px"><strong>Labour not responsible for crash, says former Bank of England governor </strong></span></p><p></p><p>.....he said he doubted any single one country could have found their way through the crisis.</p><p></p><p>But we as one country could not have stopped the financial crisis occurring</p><p></p><p><a href="http://www.theguardian.com/business/2014/dec/29/labour-government-not-responsible-crash-bank-england-governor-mervyn-king" target="_blank">http://www.theguardian.com/business/2014/dec/29/labour-government-not-responsible-crash-bank-england-governor-mervyn-king</a></p><p></p><p></p><p></p><p><span style="font-size: 22px"><strong> Bank of England governor blames spending cuts on bank bailouts </strong></span></p><p>Mervyn King tells MPs: 'The price of this financial crisis is being borne by people who absolutely did not cause it'</p><p></p><p>government spending cuts are the fault of the City and expressing surprise there has not been more public anger.</p><p></p><p>He told the Treasury select committee that the billions spent bailing out the banks and the need for public spending cuts were the fault of the financial services sector.</p><p></p><p>"The price of this financial crisis is being borne by people who absolutely did not cause it," he said. "Now is the period when the cost is being paid, I'm surprised that the degree of public anger has not been greater than it has."</p><p></p><p>Asked when living standards enjoyed before the crisis would return, King said: "The research makes it clear that the impact of these crises lasts for many years. It is not like an ordinary recession, where you lose output and get it back quickly. We may not get the lost output back for very many years, if ever."</p><p><a href="http://www.theguardian.com/business/2011/mar/01/mervyn-king-blames-banks-cuts" target="_blank">http://www.theguardian.com/business/2011/mar/01/mervyn-king-blames-banks-cuts</a></p></blockquote><p></p>
[QUOTE="JTL, post: 847426, member: 49289"] The main reason the U.K was hit so hard is nothing to do with government borrowing and everything to do with the size of our financial services sector and being the financial capital of planet earth. [SIZE=6][B]Labour not responsible for crash, says former Bank of England governor [/B][/SIZE] .....he said he doubted any single one country could have found their way through the crisis. But we as one country could not have stopped the financial crisis occurring [URL]http://www.theguardian.com/business/2014/dec/29/labour-government-not-responsible-crash-bank-england-governor-mervyn-king[/URL] [SIZE=6][B] Bank of England governor blames spending cuts on bank bailouts [/B][/SIZE] Mervyn King tells MPs: 'The price of this financial crisis is being borne by people who absolutely did not cause it' government spending cuts are the fault of the City and expressing surprise there has not been more public anger. He told the Treasury select committee that the billions spent bailing out the banks and the need for public spending cuts were the fault of the financial services sector. "The price of this financial crisis is being borne by people who absolutely did not cause it," he said. "Now is the period when the cost is being paid, I'm surprised that the degree of public anger has not been greater than it has." Asked when living standards enjoyed before the crisis would return, King said: "The research makes it clear that the impact of these crises lasts for many years. It is not like an ordinary recession, where you lose output and get it back quickly. We may not get the lost output back for very many years, if ever." [URL]http://www.theguardian.com/business/2011/mar/01/mervyn-king-blames-banks-cuts[/URL] [/QUOTE]
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