Economists say sorry to Queen

ECONOMIC experts have written to the Queen, explaining why they did not predict the credit crunch.<br /><br />The letter, signed by Monetary Policy Committee member Tim Besley, blames the &ldquo;failure of the collective imagination of many bright people&rdquo; for not predicting the downturn. Last November the Queen asked why no one foresaw the slump. &ldquo;We won&rsquo;t know if the letter has been received until tomorrow morning,&rdquo; a Buckingham Palace spokesperson told CityA.M. last night. The missive&nbsp; explains how cheap borrowing had encouraged a &ldquo;feel-good factor&rdquo;.<br />