An economic recovery based around high debt is really no recovery | Larry Elliott

Ten years after the Lehman collapse the necessary reforms to a flawed model have not taken placeAs a profession, economists are absolutely hopeless at forecasting recessions. That is true not only in the years before a severe downturn. It happens when the storm is about to break. Back in 2008, the Bank of England failed to predict the biggest postwar slump in the UK’s history even after it had started.This less than impressive record should act as a cautionary note in the current circumsta