The Global Echoes of a British Near-Collapse
Roughly every 15 years since the 1930s, Britain has had an autumn financial crisis that has foreshadowed global upheavals a few years later. The recent near-collapses of the pound, the UK’s government bond market, and its pension system are likely to echo around the world in unexpected ways.
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LONDON – As the world’s policymakers gather in Washington for the International Monetary Fund’s Annual Meetings, there is a historical curiosity to consider. Roughly every 15 years since the 1930s, Britain has experienced an autumn financial crisis and policy regime change that has foreshadowed global upheavals a few years later.