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Jonathan Loynes, a chief European economist with Capital Economics, has concluded that while some sectors of the economy have not been functioning as normal, the situation has not been as dire as originally predicted.
Mr Loynes explained: "I think it is fair to say some of the worst fears we have seen over the last year have probably not come true.
"At the time of the Northern Rock collapse there was a serious concern that the whole banking and financing sector might get close to collapse and clearly that hasn't happened."
However, he did raise concerns that mortgage backed securities and the housing market are likely to remain uncertain for the foreseeable future due to the tightening of economic circumstances.
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