The UK is in a trickier position, Mr Smeaton acknowledged.
“With the Purchasing Managers’ Index and consumer data at disappointing levels, the case for higher rates appears low.
"Indeed, we believe there will be weak economic growth in the UK for the foreseeable future and this was reflected in the anaemic 0.3 per cent growth rate for the three months to June this year.
"Brexit fears are stalling investment, government expenditure is already higher than tax receipts, and wages after inflation have been falling, leaving the consumer with reduced spending power.
"All of this means that the Bank of England will struggle to make any significant moves away from monetary stimulus, although we must remember that its mandate is to maintain inflation at 2 per cent rather than achieve economic growth.”
Trust in banks shattered
One of the most iconic moments of the credit crisis was the run on Northern Rock, which saw savers queuing around the block to withdraw their money in unprecedented scenes.
Trust in mainstream banks has yet to recover, and that has opened the door for challenger banks to make their mark, Sophie Guibaud, vice president of European expansion at Fidor Bank, argued.
“The credit crunch shattered consumers’ unflinching trust in traditional banks forever. One positive to emerge from the financial crisis has been the rise in prominence of challenger banks and innovative financial service providers
“Consumers now have a much more level playing field when it comes to banking, but most importantly too, they know it.
"This means that financial organisations can’t take their customers for granted again. In order to be successful in today’s world of banking, they instead have to have a customer-centric, transparent and fair service on offer.”
Household finances still crunched
Research from GoCompare paints a bleak picture for household finances in the 10 years since the crisis, highlighting a lack of job security, increasing wealth disparity and a reliance on credit to make ends meet.
The comparison site found that 46 per cent of people in the UK feel worse off than they did in 2007, with one in four concerned that they would be in serious financial trouble should another economic downturn hit.
The research found that, while the last decade has seen 55 per cent of people face increased living costs, a quarter of people have felt the squeeze with their income either staying the same or declining.
It also uncovered a lack of job security, with just 16 per cent of people feeling secure in their employment.
Matt Sanders, commercial director for emerging products at GoCompare, said: “August 2017 marks a decade since the start of the credit crunch – the worst financial crisis since the Great Depression.
"From our study, it is clear that many people are still feeling the effects of the worldwide economic meltdown and are ill prepared for another crash.
