More Pain & No Gain For Two Years

The boss of Barclays bank tells the BBC's Panorama that consumers and companies will continue to find it difficult to access credit for the next one to two years.

"I think that we will see the process of reduced borrowing play out over at least the course of the next 12 months... maybe 24 months," Barclays Chief Executive John Varley said:

"That is a painful process, it's a process through which the world absolutely has to go," he said.

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