The Queen has died, marking the end of an era for Britain and bringing to a close a remarkable 70-year reign in which she saw the nation’s economy change dramatically.
Throughout that time Her Majesty’s insight into Britain’s financial life was astute, here we remember one of the famous occasions when she asked the question many wanted to know as the financial crisis hit.
The Queen visits the London School of Economics at the height of the financial crisis in 2008
Not for the first time, the queen spoke for the nation when in 2008 she asked economic experts why the credit crunch had taken so many by surprise.
At an event at the London School of Economics at the height of the financial crisis that was causing hardship across the country, she inquired: ‘Why did nobody notice it?’
It was a question that resonated with ordinary families baffled at why politicians, bankers and City experts all failed to spot the financial storm on the horizon.
Professor Luis Garicano told the Queen: ‘At every stage, someone was relying on somebody else and everyone thought they were doing the right thing.’
The Queen then described the situation as ‘awful’. Four years later in 2012 as the Queen toured the Bank of England’s gold vault, Sujit Kapadia, an economist at the Bank, told the Queen he would like to answer the question.
‘Oh,’ she said as Kapadia went on to explain that as the global economy boomed in the pre-crisis years, the City became ‘complacent’ and many thought regulation was not necessary.
The Queen replied: ‘People got a bit lax, perhaps it is difficult to foresee a financial crisis.’
Kapadia told Her Majesty that financial crises were a bit like earthquakes and flu pandemics in that they were rare and difficult to predict, and reassured her that the staff at the Bank were there to help prevent another one.
‘Is there another one coming?’ the Duke of Edinburgh joked, before warning them: ‘Don’t do it again.’ Bank of England governor Andrew Bailey last night led the tributes from the City to the Queen.
He said: ‘It was with profound sadness that I learned of the death of Her Majesty the Queen.’
Tony Danker, director-general at the Confederation of British Industry, said: ‘Throughout her unprecedented 70 years on the throne, HRH Queen Elizabeth II served the nation with distinction as a stalwart example of British values of honour, dignity and resilience.
She dedicated her life to the people of the UK and the Commonwealth, providing compassionate and inspirational leadership during the many challenging times of her long reign.
‘Times are hard right now – made more so by the loss of our much-loved Queen – and our tribute should be to work tirelessly to build a better future for the people of this country in memory of Her Majesty.’
