Nightingale: UK depression now on the cards

Economist Roger Nightingale has warned the UK economy is facing the real possibility of a depression after policymakers failed to act quickly enough to tackle the downturn.

Nightingale, speaking at the APCIMS conference, criticised 'incompetent' politicians and the Bank of England for failing to address weak growth in the UK. He warned the economy was now at risk of lurching into a depression, with last week's implementation of a further £75bn of QE coming too late to halt a downturn. "The politicians' and the BoE's incompetence in sticking by their deficit reduction programme and not addressing the lack of growth in the economy has put us in a frightful mess," he said. "They now have no capacity to moderate a downturn with monetary policy as they hav...