The London stock market has been trading at a ten-month high. The best traders are signing multimillion pound contracts. Sealed bids have returned to the top end of the housing market. A year after the collapse of Lehman Brothers on 14th September 2008, the City feels like it is returning to normal.
But the City looks very different. The crisis was well underway when Lehman went bust but the firm’s collapse introduced an intense period of turmoil. British taxpayers have over the past year spent £50bn on shares in British banks and put at least a further £500bn into supporting the financial system.
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