It is now five years since the media first began to report concerns that the world?s largest banks were having in regard to lending to each other.
As noted by BBC business news, initially it was only those with the inside track on the financial markets who were perhaps best placed to see the potential and far reaching effects on the global economy.
Even as concerns grew that the global financial system was in difficulties, it wasn?t until Lehman?s investment bank collapsed that the extent of the problem became clearly discernable.
A world recession followed and today, in 2012, Britain is still struggling as a direct result.
Britain?s economy has failed to grow as substantially as might otherwise have been anticipated in the light of the financial crisis. And continued recovery is predicted to be slow at best, for some time to come.
A substantial set back in the form of the Eurozone crisis has hardly helped resolve the issue.
In the year of the Queen?s Diamond Jubilee celebrations and with the country aiming high for Olympic gold, it is ironic that the Chancellor is struggling to convince the country there is not something else that can be done to achieve a rather more rapid level of economic growth.
We can only wait and hope, as along with hundreds of Olympic hopefuls, we strain for the golden news of recovery.
By: Kerry McPhail
Source: http://www.businessnetworkinglink.com/2012/08/the-banking-crisis/
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