It is impossible to watch the television or pick up a newspaper these days that doesn't have coverage of the oft reported "credit crunch" in the banking system.  It is generally accepted that, when the impact of the credit crunch initially began to be felt last year, many policy-makers believed the disruption to be short-lived, with minor economic impact.  Yet, it has become clear that the impact is likely to last longer, spread wider across the world and affect economic growth more deeply than previously thought.  The Bank of England, for example, has cut interest rates three times since last August but voted to keep rates steady in July to balance slowing growth with increasing inflation.

» Read on in Lorne's Blog