The UK economy's crunch will take years to fix

Telegraph
"The UK is mired in a credit crunch that will take years to fix, not months. That gives the government a problem. It cannot rely on recovery to alleviate a deficit soaring towards an unsustainable 13pc of GDP. The state seems certain to be forced to cut public spending or raise taxes before the upturn comes. And those cuts, unlike the BoE’s, will be painful not palliative."