Britain on road to “lost decade”


Adam Posen, a US academic specialising in Japan's recent economic malaise, said that Britain's financial system now strongly resembled that of Japan in the early 1990s.

In a speech to the Cass Business School, Posen, the newest member of the Bank of England's rate setting monetary policy committee, said the present nature of Britain's banking system reminded him of the onset of Japan's "lost decade."

"The similarity between Japan then and the UK now with regards to the financial system, however,

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