Intervention in markets inevitable

Increased government intervention, regulation and socialisation of financial markets is inevitable, Derek Scott, former economics adviser to Tony Blair, has told delegates at this year's Channel Islands Forum. Scott, visiting professor at City University's Cass Business School, said the bubble had burst and the implications were emerging. He said: "The process is incomplete but it is already having a big impact on the American economy and will affect other economies too." He argued that for many years the US, along with other economies, had been able to sustain inappropriately low inter...