Clegg: An economic 9/11

Monday, 13, Oct 2008 12:00

Nick Clegg, Liberal Democrat leader, comments on the part-nationalisation of several UK banks:

"It is welcome that the next stage of this bail-out has taken place so fast and will hopefully begin to stabilise the market. The sheer magnitude of the government's stake in the banks makes a sea change in the culture of remuneration in our financial services now even more urgent.

"In our world, economic strength is power. We do not yet know, when the dust settles from this crisis, where the power will lie. The financial collapse we are caught in may prove to be an economic 9/11.

"9/11 was a security crisis, with security implications. This is an economic crisis, but its economic and social security implications are potentially no less profound."