UK Money News
19th May 2008
Fall-out from 'stupid loans' set to continue
"Stupid loans" and over-eagerness to borrow money mean the UK will not be pulling out of the current credit crunch any time soon, a former chancellor of the exchequer has claimed.
Nigel Lawson, who was at 11 Downing Street during Margaret Thatcher's tenure as prime minister in the Conservative government of the late 1980s, says that the current financial problems are set to continue.
In an interview with ITV's 'GMTV Sunday Programme', Lord Lawson argued that a long-term correction of the markets and the true economic position of the UK was needed.
"We are in a rather weaker position than most countries, because our boom has been based to quite an inordinate extent on a massive growth of consumer credit," he claimed.
"People have got excessively into debt and they have to retrench – banks have made a lot of stupid loans and they are now going to have to rebuild their balance sheet."
Lord Lawson anticipates that the lack of liquidity and financial pressure could be set to last for up to two years.
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