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  • The Critic Magazine

    Bursting the bubbles

    Oct 29, 2020 4 minutes
    Alistair Haimes

    IN HIS LAST BUDGET as chancellor in March 2007, Gordon Brown crowed: “We will never return to the old boom and bust.” He was right. The ensuing bust broke the mould. Six months later, the run on Northern Rock marked the start of the UK’s credit crisis, arguably the greatest of all crashes in terms of its impact on wider society. The ensuing recession was the longest in the UK for two centuries — only the current lockdown recession and that of the 1920s were deeper. Almost nobody saw it coming.

    Having invested through the 1997 Asian crisis (interesting), the 2000 dotcom bust (farcical, inevitable) and the 2008 global financial crisis (not fun),

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