He said policymakers have acted decisively in a well co-ordinated fashion. He urged for more patience from people as he believes although the medicine has been administered for the past few months, it will take a year to take noticeable effect.
Betteridge said: “We have been in a major car crash and the patient is lying on the operating table crippled and now is not the time to talk about future road safety regulations, we have got to deal with the patient first.”
Speaking of his own investment decisions, he said: “We identified that credit markets were too expensive in 2007 and we tried to avoid it. We began selling commercial property in 2005 and we were also disinclined to invest in stuff we did not understand, which I think is a good investment philosophy.
“The two things we did miss were we never appreciated the extent of which the banking system was vulnerable to the unwind of excess leverage, and second, with everyone else, we thought that the unwind would be done in an orderly fashion.”