FIVE YEARS ON: 負傷させるs from the Lehman 崩壊（する） remain in economy

By Hugo Duncan for the Daily Mail

Updated: 09:19 BST, 11 September 2013

The 炉心溶融 of Lehman Brothers five years ago 急落（する），激減（する）d the world into the deepest 低迷 since the 広大な／多数の／重要な 不景気 ? one which it is still struggling to 打ち勝つ.

The 全世界の economy was in 拒絶する／低下する 井戸／弁護士席 before that fateful day in September 2008 but it took a 破滅的な turn for the worse after the once-mighty US 投資 bank became the biggest 失敗 in 法人組織の／企業の history.

International 貿易（する） 衝突，墜落d 30 per cent as the 広大な／多数の／重要な Panic morphed into the 広大な／多数の／重要な 後退，不況. 財政上の markets capitulated, the banking system froze and 需要・要求する for goods 乾燥した，日照りのd up around the world.

大きくする ?

Counting the cost: 失業 remains high as the UK 回復 has been slow to take 持つ／拘留する

It was not long before a (n)艦隊／(a)素早い of ghost ships bigger than the US and British 海軍s 連合させるd 錨，総合司会者d off Singapore with no 貨物 and no 目的地.

The ships should have been steaming fully laden between 中国, Europe and the US but they were left redundant as 貿易（する） between nations 崩壊（する）d.

The 衝撃 on Western economies was 急速な／放蕩な and 残虐な. 信用／信任 evaporated, 生産（高） 戦車／タンクd, 失業 急に上がるd and 政府s struggled to stay afloat.

Christine Lagarde, the French 大蔵大臣 at the time and now 長，率いる of the International 通貨の 基金, called the 決定／判定勝ち（する） to let Lehman 落ちる ‘horrendous’.

The British economy ? for so long fuelled by 財政／金融, 政府 spending and 負債 ? imploded under a 労働 首相 who had （人命などを）奪う，主張するd to have ended にわか景気 and 破産した／（警察が）手入れする.

UK 甚だしい／１２ダース 国内の 製品 fell by 7.2 per cent from 頂点（に達する） to 気圧の谷 ? almost twice as 深い as the 後退，不況 in the US and three times as 深い as the 低迷 experienced by Britain in the 早期に 1990s.

The Bank of England ? along with the 財務省, the 財政上の Services 当局 and regulators all over the world ? was caught napping. 利益／興味 率s in the UK were still 5 per cent when Lehman went under even though the economy was already in 後退，不況. They 結局 fell to 0.5 per cent in March 2009, where they have been ever since, and the Bank 抑えるのをやめるd a £375bn quantitative 緩和 programme.

A nalysis by the 国家の 学校／設ける of 経済的な and Social 研究 shows GDP is still 2.7 per cent below its pre-後退，不況 頂点（に達する） にもかかわらず the 前例のない level of 刺激 ? leaving the UK 罠にかける in the longest 下降 on 記録，記録的な／記録する.

In his maiden speech last month, Bank 知事 示す Carney, pictured, said: ‘Comparisons with other countries throw that fact into 詐欺師 救済. Over the past five years Germany has grown by 2 per cent, the US by 5 per cent, Australia by 13 per cent and 中国 by more than 50 per cent. 一方／合間, the UK economy still produces いっそう少なく than it did five years ago.’

The economy has 成し遂げるd worse than any other in the G7 妨げる／法廷，弁護士業 Italy since the 後退，不況 struck ? lagging behind the US, Japan, Canada, Germany and even フラン. But things are finally starting to look up.

The Organisation for 経済的な 協調 and 開発 this week said the British economy is ‘会社／堅いing’ after years in the doldrums.

The Paris-based think 戦車／タンク is now 推定する／予想するing growth of 1.5 per cent in the UK for 2013 ? nearly 二塁打 the 0.8pc it was 予報するing just four months ago ? and reckons Britain will be the strongest major economy in the developed world for the 残り／休憩（する） of the year. It is a turnaround that both Carney and George Osborne have welcomed. The （ドイツなどの）首相／（大学の）学長 this week said the economy is ‘turning a corner’ as he 宣言するd that ‘those in favour of a 計画（する） B have lost the argument’.

The 回復, he said, was 幅の広い-based, with the three main 部門s of the economy, services, 製造業の and construction, all growing.

Others are far from 納得させるd, 恐れるing that the 最近の growth spurt has been driven by the 住宅 market and 負債-fuelled 消費者 spending.

‘I think we are やめる ひどく reliant on a hair-of-the-dog prescription for the UK economy, and there’s more 負債-fuelled 消費,’ said Philip 急ぐ, UK 経済学者 at Nomura.

Osborne also struck a 公式文書，認める of 警告を与える, 警告 that ‘these are still the 早期に 行う／開催する／段階s of 回復’ and ‘many 危険s remain’. And no wonder.

雇用 has reached a 記録，記録的な／記録する high of の近くに to 30m and over 1.3m 職業s have been created in the last three years. But 失業 remains high, with 公式の／役人 人物／姿／数字s today 推定する／予想するd to show it stuck at 7.8 per cent. There are more than 2.5m people out of work ? one million more than before the 危機 struck.

青年 失業 and underemployment are worryingly high in Britain 同様に as in 広大な 列s of the eurozone 含むing Italy, フラン, Greece and Spain.

The news on Britain’s creaking public 財政／金融s is also grim. The 年次の 赤字 has fallen from the 記録，記録的な／記録する £157bn racked up by 労働 in 2009-10, its final year in office, to £116.5bn last year but 進歩 has 立ち往生させるd.

The 政府 borrowed £36.8bn in the first four months of the 2013-14 会計年度 compared with £35.2bn at this 行う／開催する／段階 of 2012-13.

The 国家の 負債 ? below £350bn a １０年間 ago ? has now 攻撃する，衝突する £1.2 一兆 or nearly 75 per cent of 国民所得 and is on course to 攻撃する，衝突する £1.64trillion in 2017-18.

A 報告（する）／憶測 published yesterday by the 学校／設ける of 経済的な 事件／事情／状勢s 警告するd that the long-称する，呼ぶ／期間／用語, 維持できる growth 率 in the UK may now by only 1 per cent compared with the 2.5 per cent the 財務省 thought was 基準 from the 1980s to the 2000s.

‘Until 2008 the UK had got used to our economy 二塁打ing in size every 25 years,’ it said. ‘Unles s 活動／戦闘 is taken it will now only 二塁打 in size every 70 years.’

It went on: ‘Five years on from the 財政上の 危機 we have still only 回復するd half the loss to 国民所得 which occurred in the 即座の 影響. This is the worst and slowest 回復 from a major shock in 170 years.’

But even the （ドイツなどの）首相／（大学の）学長’s most ardent 対抗者s 譲歩する that a 回復 is under way while 警告 that it has not been …を伴ってd by a rise in living 基準s.

‘After three years of stagnation, any growth is better than no growth,’ said 影をつくる／尾行する （ドイツなどの）首相／（大学の）学長 Ed Balls.

The economy grew by 0.7 per cent in the second ４半期/4分の1 of the year, に引き続いて growth of 0.3 per cent in the first three months, and 分析家s are hoping for an even stronger 人物／姿／数字 in the 現在の third ４半期/4分の1.

‘Growth looks 始める，決める for a blistering 業績／成果 in the third ４半期/4分の1 at least but かもしれない for the whole of the second half,’ said George Buckley, 長，指導者 UK 経済学者 at Deutsche Bank in London. ‘Just six months ago we were talking of weak 回復s and ３倍になる 下落するs. Now we are 証言，証人／目撃するing the fastest growth 率s of 生産（高） in at least a １０年間-and-a-half.’

But, as the Group of 20 警告するd last week, it is too 早期に to 宣言する that the 危機 in the 全世界の economy is over.

失業 remains intolerably high, the Chinese economy is slowing, 現れるing markets 直面する 増加するd volatility, the eurozone is far from 直す／買収する，八百長をするd and 不安定 in the Middle East 脅すs to 押し進める up oil prices.

政府s around the world, 含むing in Britain, Europe and the US, are struggling to を取り引きする their 負債s and there is a lot more 緊縮 to come.

Central banks, the US 連邦の Reserve in particular, 直面する a tricky balancing 行為／法令／行動する as they 試みる／企てる to unwind 前例のない levels of 緊急 support for their economies.

The 崩壊（する） of Lehman Brothers five years ago was the most 劇の event in a 危機 that wreaked havoc on already 壊れやすい economies around the world. For many, here in Britain and beyond, the 苦痛 goes on.