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