Queen’s lesson on credit crunch during visit to LSE
monarch asks professor: ‘If these things were so large, how come everyone missed them?’
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THE Queen questioned yesterday why nobody saw the credit crunch coming.
Prof Luis Garicano, director of research at the London School of Economics’ management department, explained to the Queen the origins and effects of the credit crisis when she visited the LSE to open its £71million New Academic Building.
The Queen said of the financial situation that caused the crisis: “Why did nobody notice it?” Prof Garicano replied: “At every stage, someone was relying on somebody else and everyone thought they were doing the right thing.” The Queen described it as “awful”.
Prof Garicano said later: “The Queen asked me ‘If these things were so large, how come everyone missed them?’”
It was her first visit to the LSE and the first by a British head of state since George V laid the foundation stone of the Old Building in 1920.
The eight-storey building houses a climate change institute where experts will study how society should tackle environmental issues.
The Queen, accompanied by the Duke of Edinburgh, toured the building and dropped in on a debate about climate change taking place there. LSE alumni, including easyJet founder Sir Stelios Haji-Ioannou, have helped fund the project.
Sir Stelios, who studied economics at the LSE, met the Queen yesterday after donating over £250,000 to the new building. His gift funded two mezzanines, which have been named after him.
In keeping with its function as a centre for climate change research, the building was designed for minimal environmental impact, with solar heating and water cooling and ventilation.
Sarah, Duchess of York has insisted her undercover trip to Turkey did not undermine the Queen or drag the Royal Family into a row.
She took her eldest daughter Princess Beatrice, 20, to Romania, while Princess Eugenie, 18, went with Sarah to Turkey during an investigation into state-run orphanages, for an ITV programme.
Turkey has since accused the duchess of trying to smear its image at a time when it is bidding for European Union membership.
The duchess confessed she was “dead scared” when she disguised herself in a black wig and headscarf to get into the Saray institution near Ankara, Turkey, where more than 700 disabled children were being housed.
She went with Eugenie to a rehab centre in Istanbul, but it was deemed too difficult for Eugenie to gain access to Saray. At a screening of the documentary, the duchess was asked if it was right for members of the Royal Family to be taking part, given the Queen’s visit to Turkey.
She was asked: “Aren’t you undermining the work of the Queen, the Prince of Wales and your ex-husband?”
She replied: “I would never in a million years believe myself to be political in any way, shape or form. I am apolitical and multi-faith. And I certainly support 100% Her Majesty, more than anyone else in my world.”
Duchess and Daughters: Their Secret Mission is screened tonight on ITV1.
