FIVE years ago this week, on August 9, 2007, the world changed.
That was the day the banks suddenly stopped lending to each other, causing the collapse of Northern Rock and plunging the world economy into a slump from which it has yet to recover. Indeed, last week's manufacturing figures suggest that we are heading into a new worldwide manufacturing recession, though you could be forgiven for not having noticed that we had come out of the previous one.
Please enable cookies in your browser to display the rest of this article.