![]() Had the UK maintained the pace of growth it enjoyed before the 2008 global financial crisis, Britons would now have on average about £8,000 ($9,600) more in disposable income. UK PREVIEW: Hunt’s Budget Will Keep Powder Dry Until Electionĭire productivity, crumbling public services and a worsening labor supply form the backdrop to Chancellor of the Exchequer Jeremy Hunt’s budget statement on Wednesday, and despite a recent run of stronger-than-expected growth, point to a long-term drag on an economy in which animal spirits are fading. Yet that stigma is only part of the problem in the UK, which faces handicaps including soaring inflation that make it a very different economic environment to 1990s Japan. ![]() That’s below the average 1% in Japan from 1992 to 2001, the “lost decade” often cited amid warnings of “Japanification” whenever a country endures a prolonged slowdown. Bloomberg analysis of official data and Bank of England forecasts shows UK growth will average 0.8% a year between 2016 - when Britons narrowly voted to leave the European Union - and 2025. His perception of economic decay is backed by the numbers. “I don't think you ever had the sense that everything was falling apart in the way you've got here.” “The system kept working, the trains kept running,” he said. It was a period that suffered a 60% slump in stocks and a collapse in land values that led to zombie banks and an economy overwhelmed by bankruptcies and bad debt.īut his conclusion is that Britain in the 2020s feels worse. James, 58, spent the 1990s working for HSBC Securities in Tokyo’s Nihonbashi financial district. ![]() US Backstops Bank Deposits to Avert Crisis After SVB CollapseĪs the UK buckles under the strain of anemic growth, strikes, fraying infrastructure and record hospital waiting lists, Jason James thinks back to another economic crisis that dominated an earlier part of his banking career: Japan’s infamous “lost decade.” US Plans Emergency Measures to Backstop Banks After SVB Signature Seized by Regulators as Pain Spreads From SVB’s Fall US Discusses Fund to Backstop Deposits If More Banks Fail FDIC Auction for Failed SVB Underway, Final Bids Due Sunday
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