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27/07/2009
Financial Melt Down Explained To Her Majesty
Financial professionals have written to the Queen detailing the 'complex' nature of the global economic collapse.
Earlier this year, the Queen reportedly asked experts - gathered at London School of Economics - how no one had spotted the recession coming.
According to a Sunday newspaper, Tim Besley, from the Bank of England Monetary Policy Committee, wrote to Her Majesty explaining why the credit crunch had not been predicted.
In Mr Besley's letter, blame was placed on the "failure of the collective imagination of many bright people," which was described as complex.
The three-page letter explained how cheap borrowing had bolstered a "feel-good factor," while masking a global imbalance in capital savings and debt, according to the Observer.
"Wishful thinking combined with hubris had convinced financial wizards they had come up with a way to spread risk throughout financial markets," it continued.
"Everyone seemed to be doing their own job properly on its own merit. And according to standard measures of success, they were often doing it well," the letter said.
"The failure was to see how collectively this added up to a series of interconnected imbalances over which no single authority had jurisdiction."
The letter's content had already been put before Treasury permanent secretary Nick MacPherson, the Bank deputy governor Paul Tucker and other chief economists last month.
It was discussed during a seminar at the British Academy, the Observer reported.
Buckingham Palace was unable to comment on the letter yesterday.
(PR/KMcA)
Earlier this year, the Queen reportedly asked experts - gathered at London School of Economics - how no one had spotted the recession coming.
According to a Sunday newspaper, Tim Besley, from the Bank of England Monetary Policy Committee, wrote to Her Majesty explaining why the credit crunch had not been predicted.
In Mr Besley's letter, blame was placed on the "failure of the collective imagination of many bright people," which was described as complex.
The three-page letter explained how cheap borrowing had bolstered a "feel-good factor," while masking a global imbalance in capital savings and debt, according to the Observer.
"Wishful thinking combined with hubris had convinced financial wizards they had come up with a way to spread risk throughout financial markets," it continued.
"Everyone seemed to be doing their own job properly on its own merit. And according to standard measures of success, they were often doing it well," the letter said.
"The failure was to see how collectively this added up to a series of interconnected imbalances over which no single authority had jurisdiction."
The letter's content had already been put before Treasury permanent secretary Nick MacPherson, the Bank deputy governor Paul Tucker and other chief economists last month.
It was discussed during a seminar at the British Academy, the Observer reported.
Buckingham Palace was unable to comment on the letter yesterday.
(PR/KMcA)
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23 February 2007
Letter bomb suspect remanded in custody
A man has been remanded in custody, charged with the recent series of letter bomb attacks in the UK. Miles Cooper, 27, a primary school caretaker from Cherry Hinton near Cambridge, was arrested on Monday afternoon. He is charged with 12 offences under the Explosives Substances Act and the Offences Against the Person Act.
Letter bomb suspect remanded in custody
A man has been remanded in custody, charged with the recent series of letter bomb attacks in the UK. Miles Cooper, 27, a primary school caretaker from Cherry Hinton near Cambridge, was arrested on Monday afternoon. He is charged with 12 offences under the Explosives Substances Act and the Offences Against the Person Act.
10 February 2011
New Guidelines Support Higher Education For All
Universities wanting to charge over £6,000 for their courses from 2012 will have to work much harder to recruit students from disadvantaged backgrounds under new guidelines published today.
New Guidelines Support Higher Education For All
Universities wanting to charge over £6,000 for their courses from 2012 will have to work much harder to recruit students from disadvantaged backgrounds under new guidelines published today.
15 June 2007
Nothing found in Madeleine search
Police investigating the disappearance of British girl Madeleine McCann have completed a search in an area of scrubland in Portugal where an anonymous letter claimed that she was buried. The search was carried out after Dutch newspaper De Telegraaf received an anonymous letter and map indicating where Madeleine's body could be found.
Nothing found in Madeleine search
Police investigating the disappearance of British girl Madeleine McCann have completed a search in an area of scrubland in Portugal where an anonymous letter claimed that she was buried. The search was carried out after Dutch newspaper De Telegraaf received an anonymous letter and map indicating where Madeleine's body could be found.
09 February 2007
Man arrested over series of letter bombs
A 48-year-old man who claimed that he sent one of a series of letter bombs to UK businesses had been arrested. The man reportedly contacted BBC Radio 2's 'The Jeremy Vine Show' on Thursday, wanting to go on air and confess to sending the bomb to accountancy firm Vantis in Wokingham, Berkshire on Tuesday.
Man arrested over series of letter bombs
A 48-year-old man who claimed that he sent one of a series of letter bombs to UK businesses had been arrested. The man reportedly contacted BBC Radio 2's 'The Jeremy Vine Show' on Thursday, wanting to go on air and confess to sending the bomb to accountancy firm Vantis in Wokingham, Berkshire on Tuesday.
13 June 2007
Dutch newspaper receives Madeleine letter
A Dutch newspaper has received an anonymous letter claiming to hold the clue to missing British girl Madeleine McCann's whereabouts. The letter reportedly claims that the four-year-old is buried under rocks in and area of the Algarve that is just over nine miles from where she was abducted last month.
Dutch newspaper receives Madeleine letter
A Dutch newspaper has received an anonymous letter claiming to hold the clue to missing British girl Madeleine McCann's whereabouts. The letter reportedly claims that the four-year-old is buried under rocks in and area of the Algarve that is just over nine miles from where she was abducted last month.
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Northern Ireland WeatherToday:A cloudy day with a little light rain or drizzle at times, but some spells of drier weather too. The north coast may become somewhat brighter later this afternoon. Maximum temperature 11 °C.Tonight:Cloudy and patchy light rain will slowly clear away this evening. Then the rest of the night will be dry with broken cloud. Westerly winds freshening in the early hours. Minimum temperature 6 °C.
