Treasury 'unprepared' for 2008 crisis

At the time the financial crisis hit the market in September 2008, the Treasury had only three staff working on the UK's financial stability, with an average age of 32, the Telegraph reports. It has admitted it was "stretched" and "did not see the crisis coming" in a indictment of its own operations at the time. When the crisis hit, the body upped staff numbers from three to 30, but this was still insufficient, the Treasury admitted. "We should have had five teams and 100 people," a senior official is quoted as saying in the review. Sir Nicholas Macpherson, permanent secretary t...