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Why the government spent too little

The full transcript of our interview with the Director General of the Confederation of British Industry

By Jay Elwes  

Read the key highlights from our interview here

Jay Elwes: After the 2008 crisis, a debate sprung up about the need for Britain’s economy to rebalance, away from consumption and credit, and more towards manufacturing and exports. That rebalancing didn’t seem to happen.

John Cridland, Director of CBI: Well in the famous winter of 2008/9, I remember a business dinner table conversation and the question at that point was: “which was the blip—the crisis caused by Lehman Brothers’ collapse or the ten years that preceded it?” which Mervyn King described as the “nice decade”—non inflationary and continually expanding. Although the…

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