Following the onset of the economic downturn in mid 2008, I’m not sure whether many were initially aware of the extent to which the economy would stall and struggle to recover.

The fundamental reason for the crash , in my view, is a combination of reckless lending over a number of years (involving little or no due diligence from financiers), combined with  and possibly exaggerated by a “buy now, pay later culture”.  This has been a culture which has dominated and devoured society over the last two decades.

Unfortunately, following the losses incurred and exposure felt by lenders, the net effect has been to adopt a policy at the other end of the spectrum, resulting in a lack of funding available for new, potentially viable businesses.   In turn, an inevitable consequence has been new entrants to the market, these now charging disproportionate and in some cases, arguably unethical interest and charges.

Before we know it we will reach the milestone of one decade since the onset of the downturn, and it’s looking increasing likely that the economy will continue to limp forward, rather than stride towards that ten year anniversary.