There was massive inflation in asset prices, especially in commercial and residential property, and a hideous and dangerous explosion of the accumulation of debt: an analysis by McKinsey, which I've mentioned here many times before, shows that the aggregate of household, business, government and bank debt increased from less than 200% of GDP in 1987 to a record 500% of GDP in 2008, and hasn't really fallen since.
BBC: Can the Bank of England hit any target?