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From recession to renewalThe impact of the financial crisis on public services and local government$
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Joanna Richardson

Print publication date: 2010

Print ISBN-13: 9781847427007

Published to Policy Press Scholarship Online: March 2012

DOI: 10.1332/policypress/9781847427007.001.0001

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Introduction: the scope and challenges of the financial crisis

Introduction: the scope and challenges of the financial crisis

Chapter:
(p.3) One Introduction: the scope and challenges of the financial crisis
Source:
From recession to renewal
Author(s):

Joanna Richardson

Colin Copus

Publisher:
Policy Press
DOI:10.1332/policypress/9781847427007.003.0001

This chapter provides a context for the financial crisis, with in-depth political and economic insight into the events leading up to the recession and analyses of lessons that can be learnt. It gives an overview of the financial crisis and introduces some of the key themes emerging in the impact on the public sector. The current financial crisis in Britain began with a severe credit crunch in 2007, but had its roots in wider themes and issues, and is linked with historic, economic, and political decisions. It began with a predominant discourse of private debts – mostly in the banking sector. There are three key responses that a government can take to a financial crisis: ‘print’ money through a programme of quantitative easing; cut public spending; and raise income tax.

Keywords:   financial crisis, public sector, Britain, banking, private debt, income tax

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