While this was a global banking crisis without precedent, we were
hit especially hard because we have one of the most open economies in the world; with a
financial services sector that had grown
too big for the UK economy carrying liabilities that were around five times the size of it; UK citizens were privately indebted to the tune of 1.4 trillion pounds — among the highest in the developed world; and we had a housing market that went from spectacular boom to bust.