Brits will be paying for the recession for generations to come, according to economists.
In a speech made to Scottish businesses in Edinburgh last week, Bank of England governor Mervyn King launched a scathing condemnation of UK banks, and said that the British public would be paying for the financial turmoil for a generation.
Martin Weale, director of the National Institute of Economic and Social Research (NIESR), agreed.
He added: "It is true that people will be paying for the crisis of the associated recession for a generation – after all, debt is rising very sharply, and that is a big burden."
The comments come after Dave Prentis, general secretary of Unison, said that public sector workers were helping communities to cope with the worst effects of the recession.
Findings by Legal & General Investment Management showed that lending by UK banks still remains weak and many Brits are struggling to get credit as a result.
