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Page last updated at 07:44 GMT, Thursday, 9 August 2012 08:44 UK

Economists look back at five years of credit crunch


Five years ago to the day, the credit crunch started as a result of banks beginning to worry about lending.

Sir John Gieve, former deputy governor of the Bank of England, said that at the time a correction in the markets was expected, not "a total meltdown".

Looking back, he said the UK could have recapitalised their banks earlier than they did which would maybe have made them a "bit more resilient".

Speaking to the Today programme, Danny Gabay, who runs Fathom Financial Consulting, said that five years ago today marked the time when the crisis "went global" and was no longer just a US sub prime crisis.

Economist Frances Cairncross, told presenter Evan Davis that from now on what happens to the euro and the situation in the US will have "tremendous repercussions" on Britain's financial situation.

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