Branson, Clarke & Robinson on economy crisis
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The global economy is in crisis. But have we seen it all before, or are we really heading for financial meltdown? Justin Rowlatt asked The One Show's very own three wise men for their opinions and advice.
Tycoon Sir Richard Branson said: "Obviously some people are going to be horrendously affected, they are going to lose their houses. Some people are going to have to pay higher mortgage costs but I think most businesses apart from the banks are fundamentally sound in the UK and therefore I think the ordinary people will not be affected too dramatically.
"We need literally thousands of new young entrepreneurs to get out and set up businesses. We need businesses that are already set up to get in and fill the gaps of companies that are stumbling. It's things like that which will get the country back on it's feet again."
Former Chancellor Ken Clarke said: "It's bad. I'm more pessimistic than I was. If you don't need to move house, don't move house. If you're a first time buyer wait a bit longer because they are going to be cheaper. If you're in business you really do need to contemplate a bit of retrenchment and if you can save costs do, if you were thinking of expanding don't at the moment.
"We're all going to feel as though we've got a big hangover after a wild party for the next two or three years I think if I had to guess it will be 2010 before things start to pick up."
Management guru Sir Gerry Robinson said: "I've never seen anything like it before. I think it's happened much more rapidly and I think the reason for that is that communication is much more rapid...
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"Well the amazing thing about this kind of event is that it takes the financial world by surprise every 25 or 30 years. It just happens and we all say it will never happen again and we take steps to make sure it doesn't but it seems to be a pattern and it gets out of hand every now and again and this one's got out of hand in a really big way"
"We all love a crisis but you still have to keep your head in all this. Will it even itself out? Yes it will."
Have your say here.ÌýIt's said that theÌýBritish love a crisis. But can we overcome a global economic crisis? Have you seen it all before or are we really heading for financial meltdown?
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