Bank of England says UK lost £7trn in credit crunch - papers

Andrew Haldane, the Bank's executive director for financial stability, said taking into account the permanent damage done to the productive potential of nations across the world - as well as the immediate costs of supporting the banks and the recession - there is an output loss equivalent to between $60trn and $200trn for the world economy and between £1.8trn and £7.4trn for the UK. He put the hidden cost to the taxpayer of the implicit support offered to the big UK banks at more than £50bn, reports The Independent. Mr Haldane advocated new structural controls on the banks, a policy a...