Morgan Stanley's take on the British economy, as reported by HM Telegraph is here.
The US bank said that the British Government squandered the chance to discipline public spending during the fat years and had allowed excesses to proliferate "across the system".
The UK budget deficit is now near 3pc at the top of the cycle (one of the worst in the OECD club), while household spending has reached 97pc of disposable income - matching the level last seen at the peak of the 1988 credit boom.
"As our Prime Minister has been so fond of telling us, the UK economy has enjoyed a record 15 years of economic growth," said the report. "However, instead of using this golden period to bolster savings and prepare for leaner times ahead, the public sector is in deficit."
Morgan Stanley concluded that both Mr Brown and British households had bet that the economic cycle would never turn against them, a bet they are likely to lose.....