What I had expected was ‘the credit crunch for dummies’ what we got was something of a fireside chat about the economy with opinion writ larger than explanation. Interviewer Jesse Norman didn’t so much interview as throw in some observations of his own; he is after all an author and academic in his own right. The plum voiced Conservative PPC looked less at home at Hay than Kay, who is a centrist business economist and adviser to the Scottish National Party’s First Minister.
The chat was edifying and Kay gave us some clear views both on what went wrong and what we might do to set out on the long road to recovery. He also provided one of the great soundbites of the economic crisis with Kay describing the integration of retail and investment banks as like ‘linking a utility to a casino’.