Ex-FSA chairman Turner warns UK economy is like 90s Japan

Laura Miller
clock

Former Financial Services Authority (FSA) chairman Lord Turner has warned that the UK has failed to rebalance its economy and is simply repeating the errors made in the run-up to the 2007/8 financial crisis.

Turner, (pictured) who was chairman of the City regulator until last April, likened the domestic economy over the last five years to Japan in the 1990s, the Telegraph reports. The former FSA chief said that although the economy was now showing obvious signs of growth, there was the potential that it will not be sustained due to the continued build up of credit in the system. "The concerning thing about the UK economy is that from 2009 until early last year, a lot of the debate was around the need to rebalance, from being over focused on financial services and the housing market," Lord...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read
Advisers urged not to let clients 'act too soon' ahead of Budget

Advisers urged not to let clients 'act too soon' ahead of Budget

Communication is about ‘staying calm and keeping clients focused’

Isabel Baxter
clock 22 October 2024 • 5 min read
Confidence in second BoE rate cut soars as inflation falls below 2% for first time since 2021

Confidence in second BoE rate cut soars as inflation falls below 2% for first time since 2021

Analysts argue conditions 'appear ripe' for a rate cut in November

Cristian Angeloni
clock 16 October 2024 • 2 min read