Veteran welcomes Duke to new Meadowcroft
In September last year Lehman brothers filed for bankruptcy and the world banking and financial system stood on the edge of a precipice. Fortunately the world had not ended and at the time of writing (1st November) – there are signs that the world economy has stabilised and may be pulling out of the severe recession of the past two years.
While the UK still languishes the US, where the credit crunch started, seems to have posted GDP figures suggesting a return to economic growth.
The past year, in terms of the global capital markets, has been, in the immortal phrase, a game of two halves. In the UK the FTSE100 fell more than 35% from the Lehman collapse to early March 2009 (dropping from 5416.7 to 3492.1). In the US the S&P500 nosedived by nearly 47% over the same period from 1250 to an ominous 666 on 6th March.
Concerted government action across the world has seen historically low interest rates and an almost unprecede