Mini-crises stretch ahead: UK economist

Instead of a sharp but swift adjustment, the prospect now is for a series of mini-crises stretching for years ahead, says the City economist Stephen Lewis in his commentary on the latest developments in the UK banking crisis.

Lewis says Mervyn King may deny it but the Bank of England (BoE) decision to make funds available through a three-month auction was his recognition of the extent of the crisis: "In the text he published on 12 September, he considered whether there was a case for the BoE

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