Ex-FSA chairman Turner warns UK economy is like 90s Japan

Former Financial Services Authority (FSA) chairman Lord Turner has warned that the UK has failed to rebalance its economy and is simply repeating the errors made in the run-up to the 2007/8 financial crisis.

Turner, (pictured) who was chairman of the City regulator until last April, likened the domestic economy over the last five years to Japan in the 1990s, the Telegraph reports. The former FSA chief said that although the economy was now showing obvious signs of growth, there was the potential that it will not be sustained due to the continued build up of credit in the system. "The concerning thing about the UK economy is that from 2009 until early last year, a lot of the debate was around the need to rebalance, from being over focused on financial services and the housing market," Lord...