It is too late to avoid the now-deepening recession. But it is not too late to learn important lessons from 2008, and resolve to do better next year. Here are five thoughts to bear in mind in 2009.
Dare to be different
Boring old Lloyds TSB. For years sector analysts and journalists have hammered away at the UK retail bank, criticising it for its apparently turgid performance. Why hadn’t it pulled off a really big deal like some of its British competitors? Why did it take such pride in its conservative strategy? And why hadn’t it joined in properly with all the subprime fun in the US? Didn’t it know there was easy money to be made?
The critics are not so vocal now.
Lloyds TSB, while not exactly unscathed by the financial crisis, has seized its moment and (with government help) grabbed HBOS, its formerly much bigger rival. It took nerve to resist all that carping. Not so stupid.
The remainder of the article can be read here. Please post comments below.