"At the time of the budget, my forecast for growth in 2009 was in line with the average of external forecasters. Since then, new data has shown that most economies, ours included, suffered a severe shock in the first quarter of this year," the chancellor told MPs.
SHOOT: Again and again you hear how surprised the experts are. The experts are at the top of greed pile, that's why.
Turner said the problems in Dubai were indicative of widespread malaise. "Despite having oil, it's still the case that many of these countries had explosive credit growth. It's very clear that in 2010, we've got plenty more problems in store."
"This may be the first sign that people are thinking you can't get back to the debt-fuelled halcyon days of 2007.