Follow Philippe Legrain on Twitter Follow Philippe Legrain on YouTube Follow Philippe Legrain on Facebook Email me
By Philippe Legrain ADD YOUR COMMENT
Warning: Use of undefined constant shareonfacebook - assumed 'shareonfacebook' (this will throw an Error in a future version of PHP) in /home/customer/www/philippelegrain.com/public_html/wp-content/themes/pristilo/archive.php on line 41

The reason why the government had to rescue Britain’s banks is not that their shareholders and executives deserve special favours, but because businesses and jobs depend on the availability of credit. There is no public interest in propping up banks that won’t lend. For sure, banks should not be lending with reckless abandon as they […]

Posted 26 Nov 2008 in Blog
By Philippe Legrain ADD YOUR COMMENT

Willem Buiter sums it up perfectly: The private financial sector has to deleverage massively, but would (with credit markets and wholesale financial markets closed for business) do so in an unnecessarily destructive way if left to its own devices. The household sectors in the US, the UK and a number of other European countries have […]

Posted 25 Nov 2008 in Blog
By Philippe Legrain ADD YOUR COMMENT

The Guardian, 25 November 2008. Darling’s prescription was a sticking plaster on an economy that demands Obama-style shock therapy.

Posted 25 Nov 2008 in Published articles
By Philippe Legrain ADD YOUR COMMENT

Extraordinary times call for extraordinary measures. Alasdair Darling’s statement was a pre-budget report only in name; in reality, it was an emergency budget crafted by Gordon Brown. It was big and bold, but it should have been bigger and bolder. Worse, the main plank of the government’s plan to support the economy – a cut […]

Posted 24 Nov 2008 in Blog
By Philippe Legrain ADD YOUR COMMENT

The Guardian, 9 October 2008. The UK government’s measures will stave off economic collapse and get banks moving, but calling them a bail-out is misleading

Posted 09 Oct 2008 in Published articles
By Philippe Legrain ADD YOUR COMMENT

The Guardian, 7 October 2008. If the government is bold and recapitalises the banks, Gordon Brown will reap a political dividend. Only ruin awaits indecision

Posted 09 Oct 2008 in Published articles
By Philippe Legrain ADD YOUR COMMENT

Tony Blair once said that the government was best when it was boldest. Gordon Brown is – finally – heeding that advice. The government’s three-pronged plan to shore up Britain’s banking system is bold and right. It is our best hope of pacifying the financial panic, getting credit flowing through the economy again and thus […]

Posted 08 Oct 2008 in Blog
By Philippe Legrain ADD YOUR COMMENT

The time for half-measures is over. Britain is no longer in the grips of a credit crunch or even a financial crisis, it is suffering a full-on financial heart attack. Markets have seized up. Banks will no longer lend to each other. Credit to companies and individuals is drying up. Unless credit starts flowing again […]

Posted 06 Oct 2008 in Blog