This article "Worst-case Scenario" by David Brooks in the New York Times gives a fascinating insight into why the economy might not recover because of social factors.
Although the points he makes are US-centred they could apply here too. It doesn't paint a very optimistic picture for an early recovery, indeed he suggests that behaviour has probably changed for good and, essentially, he concludes that society has lost trust in the old systems.
Personally, I think that has been happening for the last decade or so. It should come as no surprise that people (in general) are tightening their belts - well, except perhaps Ed Balls it seems!
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