Lloyds: "UK economy in no better shape than in 1929"! (+ £ Stirling already at weakest since 1996

Interviewed on Radio 4 at lunchtime today, the MD or CE (can't remember exactly) of Lloyds Insurance said (out of the blue) that the UK economy is in no better shape than in 1929! The interviewer was clearly wrong-footed & replied rather crassly with "You mean it's just as bad as in 1929?" - only to be met with an outright confirmation.

I've not yet been able to find this referenced in the online media - I'll keep looking.

This guy is no amateur. If he doesn't know the true state of affairs, who does?


Also, according to the latest newsreports, the pound is at its lowest level against the dollar since 2002, and at its lowest against the UK's main trading partners since 1996.

Source article: news.bbc.co.uk...

Yet another sign of how dramatic events in recent weeks have been is that this would have been massive news in 'normal times': the pound has lost more than a quarter of its value against the dollar in just four months.

I believe people in general still have no idea about what is about to hit in the next few months. While people at the top are sometimes being totally candid, virtually admitting the economy is shot, many still assume we're just facing a recession akin to a normal 'bust' following a 'boom'.

Apathy? Ignorance?

And if the fundamentals really are this bad behind the scenes, what prudent measures ought 'the average man in the street' be taking?