Standard Life: markets are paying for mistakes of 2003

Referring to the turbulent market conditions of five years ago, Milligan asserted that there was too much liquidity created and UK interest rates were kept too low for too long, being raised only moderately. He added that it was a regulatory failure as opposed to a monetary failure in the sense that banks are being allowed to lend off balance sheets. He said the situation was dramatically complicated and has not helped our current situation. "A combination of low interest rates, greed, option schemes, the buy-to-let market and the failure of regulators has brought us to where we are n...