Latest Issue

A bad year in the City

Lehman collapsed in September 2008, beginning twelve of the worst months the City has ever known

By Chris Hughes   September 2009

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…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect