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'Banks are to blame' says award winning young economist
Award winning student economist Nick Halsall points the finger of blame at the Bank of England for Britain's current economic demise.
Nick, 17, from Crosby has just won £100 for coming third in a national competition run by the influential Institute of Economics Affairs.
Nick said: "The economy was built on credit and a demand driven property bubble. The Bank of England did not do enough to stop it getting out of control." Like the current administration, Nick is an advocate of Keynsian intervention, but says, "watch out the worst is far from over." Nick is hoping to study Economics at Newcastle University and ultimately wants a job in the City. However he added: "I would imagine it will be a more regulated role by the time I get there." Merchant Taylors' Head of Economics Steve Kay said: "The Institute of Economic Affairs is heralded as Britain's most influential think tank and this competition had thousands of entries." He added: "We need the next generation of financiers to be fully aware of the mistakes of history."
