Just before he became Prime Minister in 2007, chancellor Gordon Brown congratulated the city on their ingenuity and creativity during his tenure: 'An era that history will record as the beginning of a new golden age for the city of London'. He couldn't have been more wrong.
Now, thanks to the financial crash, Britain is facing economic catastrophe. The debts the UK is incurring will take generations to pay off. But how did the economy get from boom to bust? In this two-part special, economist and author Will Hutton gives the definitive insider's account of what went wrong.
Talking to the key players in government, Wall Street and the City, Hutton unveils the true extent of the greed, ambition and reckless risk-taking that is now carrying the economy into the worst recession for a century.
Is it really true that no one saw it coming? Or could the recession have been prevented?