Government regulation and greed in the City helped propel the UK into the biggest recession in decades, Lord Norman Lamont has told Which?.
The former Chancellor of the Exchequer, who held the post during John Major’s government of the early 1990s, stopped short of predicting that the current financial crisis would morph into a depression, but warned that the UK economy is still some way off the point of recovery.
Lord Lamont said: ‘I myself would guess that at the beginning of next year we’ll see output stop falling.
‘I suspect that we’ll have a rocky period bumping along the bottom for a long time thereafter and it will take a long time before unemployment comes down.
‘I would expect unemployment to go on rising through 2010, possibly 2011 and then stabilise. But I think it will take a long time to come down.’
Listen to our exclusive interview with Lord Lamont and Which? senior researcher Dan Moore.
Norman Lamont interview, 15 April 2009
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