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Darling: Crisis getting 'worse and worse'

Thursday 29 December 2011 - by Nicola.York@gfnews.com

 Former UK chancellor Alistair Darling has warned that Britain is facing a far more serious situation than the 2008 financial crisis, with the threat of a fresh banking crisis in 2012 "still very much there".

Darling, who was chancellor when the Labour Party was in power, said that world leaders had grown complacent about the threat of future crises, saying they "seem to have forgotten" the lessons of the previous crisis.


Speaking on BBC Radio 4's Today programme earlier this week, Darling said: "Going back to 2008-2009, the world did come together to avert what could have been an awful meltdown at that time.

"The current generation of those in power seem to have forgotten the lessons of just three or four years ago."

Darling added: "I just see the situation getting worse and worse unless countries recognise that unless you get growth going again, you are never going to get your borrowing down and therefore you won't get your debt down.

"That is why I regard the situation as we are going into 2012 as being far, far more serious in many ways than the problems we faced in 2008."


Meanwhile, LibDem deputy prime minister Nick Clegg said the coalition government's economic rescue mission is not over yet and there is much more to be done.

Clegg said: "We only need to look at what is happening in countries on our European doorstep to see what we could have ended up dealing with in 2011."


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