{"id":2093,"date":"2018-09-12T16:15:10","date_gmt":"2018-09-12T16:15:10","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/hammond-shock-of-financial-crisis-still-with-us\/"},"modified":"2018-09-12T16:15:10","modified_gmt":"2018-09-12T16:15:10","slug":"hammond-shock-of-financial-crisis-still-with-us","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/hammond-shock-of-financial-crisis-still-with-us\/","title":{"rendered":"Hammond: ‘Shock’ of financial crisis still with us"},"content":{"rendered":"\n
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The “shock” of the financial crisis continues to impact the economy and peoples’ finances, UK chancellor Philip Hammond has said.<\/p>\n

Ten years after the financial system went into meltdown, he admitted “people are still suffering the effects”.<\/p>\n

But he said, in an interview with BBC economics editor Kamal Ahmed, there is “light at the end of the tunnel”.<\/p>\n

Rising wages and falling inflation were good news, he said, but uncertainty about Brexit was an economic dampener.<\/p>\n

A decade ago this week, the US investment bank Lehman Brothers collapsed, sending shockwaves through the global financial system.<\/p>\n

Research carried out for the BBC to mark the occasion showed that wages remain substantially below what they would have been with the crisis.<\/a><\/p>\n

Mr Hammond told the BBC: “We suffered a very big shock to our economy in 2008\/09, and that’s a shock from which people are still suffering the effects today.”<\/p>\n

He was “acutely conscious” of the impact on wage stagnation and living. But he added: “We have got through this in much better shape than many of our neighbours.<\/p>\n

“We haven’t suffered catastrophic rises of unemployment, on the contrary, we’ve seen employment grow by three million jobs over this period.<\/p>\n

“We didn’t see widespread repossessions of homes, collapses of businesses, in the way we’ve done in previous recessions, so I think the way this has been managed has minimised the impact.”<\/p>\n

Independent analysis from the Office for Budget Responsibility projected real wage growth over the coming years, he added.<\/p>\n