'Crash Monday' is the price we're paying for a decade of cheap money | Larry Elliott

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The working week began in the City of London with oil prices down by 30% and the leading barometer of UK shares registering falls of more than 8%, so it didn't take long for it to be dubbed Crash Monday.

To be sure, those with long enough memories would have been able to recall a similar market panic in October 1987, when a wave of selling began in east Asia and rolled inexorably westwards.