Back in the 1990s UK
Government officials and the City devised a plan to save the Lloyd’s of London
insurance market and avert a banking crisis. It worked, in the short-term. But
the solution was fatally flawed, according to former Lloyd’s deputy chairman, Stephen
Merrett (himself a defendant in the Lloyd’s litigation). Merrett argues that Lloyd’s
remains insolvent and the Government must own up to the problem and urgently
seek a solution or Lloyd’s will collapse as an institution, with severe damage
to the British economy and the reputation of the City and the courts.