Andy Haldane
speaker
76 appearances
3 recordings
1 series
first heard Dec 2010
last heard Aug 2012
Andy Haldane’s voice in public audio — every appearance, attributed to the second.
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Appearances
How much of a saving in their borrowing costs do banks experience as a result of the implicit promise by the government?
to see them right.
If you do the back of the envelope calculations on that, what you'd find for UK banks is that implicit subsidy last year would have been of the order of £100 billion, roughly the budget of the National Health Service.
These are non-trivial sums,
and they exist year on year on year.
A different measure again of the cost of crisis would ask, what has been the loss of output or employment that has resulted from the crisis we've been through?
And those numbers would be larger again in the UK.
We know that GDP, relative to its trend path pre-crisis, is around 10% lower.
But the ultimate cost, of course, is a multiple of that, because that 10% loss occurs year by year by year.
And we know from past financial crises...
that they leave a permanent scar, that the level of output often never returns to its pre-crisis point.
Turn that into pounds and pence, do the numbers.
You can easily get to a cost of this time's crisis in the UK of anywhere between, say, annual GDP and five times annual GDP.
Anywhere between £1.7, £1.8 trillion and £8 or £9 trillion.
Those are big sums.
We need a system where birth and death aren't exceptional.
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