Sir Alan Sugar yesterday said he believed the current world economic crisis was a levelling process following a period he described as a "mad financial Disneyworld".

Sir Alan Sugar yesterday said he believed the current world economic crisis was a levelling process following a period he described as a "mad financial Disneyworld".

Sir Alan praised the government's handling of the banking problems facing the UK and said he hoped "we've seen the worst".

Speaking at a business conference in Harrogate, North Yorkshire, The Apprentice star said the failure of the US Congress to pass President George Bush's rescue package took him completely by surprise.

"I would say it's going to settle down," Sir Alan said. "I would say that we are much better off than the Americans. They have got some serious, serious problems.

"And I think a few of our banks have learned a nasty message, got a bit too greedy and jumped on to a band-wagon. But I think it will settle down. When? I don't know."

He added: "I hope that we've seen the worst and that's it. I think the financial markets will bounce back. I think there's going to be more control. I think, perhaps, banks will use the old criteria they did years ago before when they dished out money to companies and members of the public".

Sir Alan said the world was experiencing a "levelling" following a period of "overtrading". Sir Alan added that he and his companies had not been particularly hit by the credit crunch at this time, saying: "I've never really been a gambler".

He continued: "The biggest issue at the moment is possibly some of the people that have debt to pay on credit cards and that sort of stuff. It's all part of this mad financial Disneyworld that we've been living in."

Asked about the government's handling of the crisis, Sir Alan said: "I think it's been superb, to be honest with you."

Sir Alan was speaking at the Going Global conference in Harrogate, Yorkshire.