The media has been telling a tale of two crises: they are complex, interconnected and have much in common. The common threads include richer countries living beyond their means and racking up high levels of financial and ecological debt over several decades leading to an economic and financial crisis. In Europe, we are due for a substantial adjustment in living standards, to get back into balance. Analysts reckon that in the UK, families will only regain their 2002 incomes by 2016 – and that’s if all goes to plan.
