View more on these topics

Crisis could be an “economic 9/11”, warn Lib Dems

Liberal Democrat leader Nick Clegg has warned that the financial crisis could become an “economic 9/11”.

In a speech at the Institute for Public Policy Research yesterday Clegg said the banking crisis could breed conflict and instability and push democracies into narrow nationalism.

He said: “In our world, economic strength is power. We do not yet know, when the dust settles from this crisis, where the power will lie. The financial collapse we are caught in may prove to be an economic 9/11.

“9/11 was a security crisis, with security implications. This is an economic crisis, but its economic and social security implications are potentially no less profound.”

Clegg welcomed the Government’s £37bn bail-out plan, and called for a “sea change” in the financial services industry bonus culture and for European leaders “step up to the plate”.

He added: “This crisis has proved that in our globalised world chains of cause and effect have no regard for territorial integrity.”

Recommended

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com