Banks make hay everyone else must pay
Quantitative easing has not made borrowing any easier or cheaper for most firms says Tracy Corrigan.
Obama steps into GM Europe row
Barack Obama has entered the row about the future of Vauxhall and Opel as anger mounts over GM's decision to keep its European operations.
RBS bankers threaten exodus over bonus policy
Senior managers at the Royal Bank of Scotland are scrambling to prevent widespread resignations over the bank's stringent bonus policy.
A brave new future for high street banks
One the aftershocks of Northern Rock's failure will be a host of new entrants to financial services writes Banking Editor Philip Aldrick
UK borrowing reaches record in May as the red ink gets deeper
Government borrowing shot to a record monthly level of £19.9bn in May as soaring spending and dwindling tax receipts dented the national accounts.
Lloyds becomes first bailed out bank to repay money to taxpayers
Lloyds Banking Group has become the first bailed out bank to repay money to the taxpayer in a sign that confidence is returning to the financial sector.
Bradford ? Bingley will miss interest payments on £325m bonds
Bradford ? Bingley the bank bailedout by the taxpayer last year has revealed it will not pay the interest due on subordinated bonds in June and July.
CCM becomes Spain's first bank rescue as property bust worsens
Spain has been forced to bail out regional lender Caja Castilla in its first bank rescue as mounting losses from the property crash catch up with the country's financial institutions.
Richer households benefit from fall in the cost of living
Millions of households are benefiting from a fall in the cost of living as mortgage bills drop a new study has revealed.
Banking executives should have their pensions capped
Former executives of banks that have been bailed out by the Government should have their pensions capped under new laws MPs will propose today.
Insurers fall further as accounting row emerges over MCEV
Turmoil in insurance industry as Prudential Legal ? General and Standard Life refuse to adopt new MCEV insurance standards accepted by other key players.
Cost pressures fade for UK manufacturers
The prices UK manufacturers paid for their raw materials rose by 0.6pc between January and February accounted for by an increase in the cost of crude oil and a weaker pound.
Second banking executive allowed to claim £344000 annual pension early
Officials are investigating whether a second former executive at a statesupported bank was allowed to claim a large pension early.
Savers confusion as rate cut leaves them not knowing what to do with their money
Savers are confused and do not know what to do with their investments experts warned following the Bank of England's latest rate cut.
BBC accused of portraying refinery strikers as racist by editing quotes
The BBC has been accused of portraying refinery workers on strike as racist by selectively editing quotes.
Barack Obama to dilute 'Buy American' plan after Europe threatens US with trade war
President expected to water down "Buy American" plans in his economic stimulus package after Europe threatens retaliation.
Oil refinery strikes: Hundreds walk out in protest over foreign workers
More than a thousand workers acrosss Britain have walked out amid protests over the use of foreigners at an oil refinery in Lincolnshire.
Barack Obama's Chicago tailor files for bankruptcy
A Chicago company that makes Barack Obama's suits has filed for bankruptcy amid falling sales.
Houses take longest time on record to sell
Houses are taking more than three months to sell the longest period on record according to the latest Hometrack survey.
Treasury to vet bank bonuses
Banks will have to sign legallybinding commitments to introduce longterm pay structures
Digby at the wheel for Jaguar Land Rover
Lord Jones who stepped down as trade minister last October is to take on a new role as a "corporate ambassador" for Jaguar Land Rover JLR the ailing British carmaker.
Fall in sterling may avert UK depression
The devaluation of the pound over the past year has given Britain its best chance of avoiding a depression experts have said.
Alexander Lebedev sets himself three years to raise Evening Standard
Russian oligarch who last week bought the Evening Standard reveals he will be forced to close the title in three years if his turnaround plan is not a success.
Buildings insurance to fall thanks to crisis in construction industry
Millions of homeowners could benefit from lower buildings insurance later this year thanks to the crisis in the construction industry.
UK recession: figures kill off any chance of Gordon Brown calling election this year
Any thoughts Gordon Brown had about calling a general election this year were all but extinguished by the devastating economic figures now released.
How London 2012 was credit crunched
This was always going to be a difficult year for the 2012 Olympic project and on Wednesday it became clear just how tough.
Protesters disrupt first day of Iceland's parliament
Protesters banging pots and honking horns demanding the resignation of Iceland's ruling party over the collapse of the country's economy.
We have every right to be angry with the bankers
The people at the top have already paid themselves so much in bonuses and struck such lucrative pension deals that they can retire in luxury while the rest of us face penury.
Pound falls sharply against dollar after bank rescue
The pound fell sharply against the dollar and the euro as the market bet that Chancellor Alistair Darling's second bank rescue in three months won't be enough.
Business rescue plan 'will not be enough to save economy' critics claim
Peter Mandelson's promise that the Government will guarantee £20 billion of loans to firms will not be enough to save big employers business leaders have warned.
OECD warns over growth in China Germany and Russia as downturn goes global
China Germany and Russia are showing the fastest pace of deterioration among large economies as the entire global system succumbs to a "deep slowdown" according to the OECD.
CBI says City job losses to accelerate as it urges Government to speed up rescue plans
The business trade body said City job losses will accelerate and urged the Government to speed up the introduction of radical economic measures.
Pound World shop forced out of business by 99p store
A Pound World store has been forced out of business after being undercut by a 99p chain that opened across the road.
German government to take a 25pc stake in Commerzbank
Germany is taking the plunge into banking nationalisation taking a stake of 25pc plus one share in Commerzbank in return for a total of €18bn £16bn of capital.
Lord Mandelson warns of further job cuts in car industry as Nissan axes 1200 staff
As Nissan announces it is shedding 1200 staff the Business Secretary warns of further job losses in the UK car industry.
Savers could end up paying to keep their money in a bank experts warn
Savers are being warned to expect the lowest savings rates ever and could even end up paying banks to look after their money following the Bank rate cut.
Bank of England interest rate cut: Era of interestfree mortgages looms experts predict
The era of the interestfree mortgage is looming in the wake of the Bank of England's interest rate cut as homeowners could see their deals dip below zero.
FSA considers shortposition disclosure on all UK shares
Investors may be forced to disclose their short positions on all 3489 shares traded on UK stock exchanges.
US banks to require further fundraisings
America's biggest banks will need to raise yet more fresh capital in 2009 in spite of the US government's recent 125bn £82bn investment round a leading banking analyst has warned.
Viyella goes into administration
Viyella the middleclass clothing brand that was founded in 1784 has collapsed into administration threatening hundreds of jobs.
1.7 million people are expected to 'swap' their Christmas presents
Disappointment with Christmas presents will lead 1.7 million people to try to swap £110 million of unwanted gifts for someone else's a survey claims.
Families turning to insurance fraud to beat credit crunch
Hardup families are increasingly turning to insurance fraud to help see them through the credit crunch.
Shoppers come out in force as discounts finally lure bargain hunters
A record number of shoppers have hit the high street in the last two days as massive price cuts finally lure in customers.
Recession: Jaguar Land Rover must now turn itself into a viable business
Tracy Corrigan argues that Jaguar Land Rover needs to become a leaner greener business.
Price of fresh food rises again figures show
Fresh fruit and other food prices have risen again causing inflation to drop by less than expected.
Credit crisis prompts increase in couples seeking relationship advice
Money worries caused by the credit crisis have prompted couples to seek relationship counselling in increasing numbers over the past two months.
AngloGerman political row's new peak as Brown branded 'complete failure'
The row between Britain and Germany over the handling of the current economic crisis has reached a new peak with a German politican calling Labour's policies "a complete failure".
US mortgage rate scheme may push on a string
The US Treasury thinks lowering interest rates on mortgages will help stabilise the country's spiralling housing market. It wants mortgage giants Fannie Mae and Freddie Mac to purchase loans sp...
Middle classes 'worse off than in 1997' as tax and debts mount
Middleclass families will find themselves worse off than they were in 1997 when Labour came to power because of Alistair Darling's tax changes announced last week.
EU proposes £170bn stimulus fund
The European Commission has tabled an EUwide fiscal stimulus package worth almost £170 billion.
China slashes interest rates as panic spreads
The People's Bank of China cut interest rates by more than 1pc point as millions of jobs are predicted to go.
Federal Reserve announces new 800bn boost to strengthen US economy
The Federal Reserve is to spend another 800billion £527billion on the US economy in an attempt to bolster the financial system.
PreBudget report: More roads and railway carriages to be built quicker
Plans for new roads and railway carriages have been brought forward as part of the Treasury's programme of public works.
Starbucks predicts falling sales in 2009
Starbucks is predicting a fall in likeforlike sales next year as the consumer appetite continues to wane as a result of the worsening economic outlook.
PreBudget Report: Long haul flight cost to increase as Darling slaps 'tax on family'
Holidaymakers flying long haul to destinations such as Singapore and Australia will be hit by a doubling in air passenger duty.
There is really no choice: we must back Gordon Brown's blitz
The Prime Minister may be the architect of the financial mess we are in but he is right about the measures that must now be taken - and the Tories are wrong to oppose them
PreBudget report: How VAT works
Value Added Tax or VAT is paid on most consumer products and services as well as on transactions between businesses.
Cautious portfolios pay dividends
The FTSE100 has fallen below 4000 again leaving UK investors wondering whether they are coming or going. They don't know whether they should sit tight or cut their losses and run.
Inflation to fall for first time in 15 months
Official figures set to show inflation which has forced some households to cut back to the bare essentials has fallen.
Luxury yacht Alibella may prove the ultimate credit crisis bargain
Buyer will get £8.1m discount if the yacht Alibella is sold within 30 days.
WTO under pressure to resume world trade talks to lift global economy
The Group of 20 is piling the pressure on the World Trade Organisation to resume the Doha round of world trade talks as more ammunition is thrown at the global economy.
Pantomime beats the credit crunch with record advance bookings
The traditional pantomime has beaten the credit crisis with record advance bookings for this Christmas season as people look to escape the economic gloom.
Germany slides into recession
The contraction in Europe's largest economy underlines that the slowdown is spreading.
One in three parents lies awake worrying about finances
One in three parents is losing sleep and arguing with their spouses about money as the economic crisis worsens according to a report.
Financial crisis: 10 ways to keep the roof over your head
As Britain's economy worsens we all have to face up to the three "rs" recession redundancy and repossession.
Thieves turn to sheep rustling to beat credit crunch
Thieves are turning to sheep rustling to beat the credit crunch.
Banks under pressure to pass on rate cut
Bank of England issues a direct challenge to mortgage lenders with the biggest interest rate cut for 27 years reducing the base rate by a third from 4.5 per cent to 3 per cent.
House prices slide back to 2005 levels
The average house lost nearly £4000 in value over the last month and is now worth no more than it was three years ago in a record annual fall.
Bank of England pressed to cut interest rates by full point
Northern Rock the nationalised bank is expected to put up some of its mortgage rates today ahead of an anticipated rate cut defying Government calls for banks to pass on reductions to customers.
Services slump fuels hopes of major rate cut
Business activity in the services industry hit a record low in October increasing the likelihood of that the Bank of England's Monetary Policy Committee will cut interest rates by at least half...
The Queen asks why no one saw the credit crunch coming
The Queen whose personal fortune is estimated to have fallen £25 million in the credit crunch has demanded to know why no one saw the financial crisis coming.
PreBudget 2008: Darling needs to borrow spend and defer tax rises say experts
The Chancellor has no choice but to blow his budget on borrowing and spending say leading economists and accountants.
Financial crisis has had little impact on Gordon Brown's popularity
The central political fact about the financial chaos of recent weeks is that it has changed the balance between the major parties less than might have been expected.
House prices fall 14.6pc in a year
House prices have fallen for the twelfth month in a row and the average house has seen £27000 wiped off its value in the past twelve months the latest figures from Nationwide show.
Credit crunch song is an online hit
A comedy tribute to the economic tough times has become an internet hit.
Shopkeepers gloomy about customers battening down the hatches
Retailers face a torrid runup to Christmas after sales fell for the seventh month in a row during October a leading business group has warned.
Financial crisis: Hedge Fund turmoil is hitting millions of savers experts say
Millions of savers have been warned their pensions and investments will be hit badly by the turmoil now engulfing the hedge fund industry.
Market meldown: quotes
What central bankers economists and traders said as global market fell sharply on fears that the global economy was in the throes of recession the dollar soared and oil prices fell.
IMF plans rescue of emerging nations
The International Monetary Fund is working on a package it hopes to approve by early November which would let several emerging market economies exchange local currencies for dollars to ease sho...
Microsoft shakes off Vista concerns to post rise in profits
Computer software giant Microsoft is faring better than expected in the economic downturn - despite continued concern over its Vista operating system and the continued rise of rival Apple.
How Keynesian dare Alistair Darling be?
Neither Gordon Brown nor Alistair Darling is a gambling man so it is hard to imagine them sitting around a roulette table. But try for a moment to do precisely that. Somewhere in a supercasino ...
Greenspan admits mistakes in 'once in a century credit tsunami'
Alan Greenspan the former Federal Reserve chairman for the first time admitted to mistakes in his regulationlite freemarket but stopped short of taking the blame for a "once in a century credit...
Russian default risk tops Iceland as crisis deepens
Russia's financial crisis is escalating with lightning speed as foreigners pull funds from the country and the debt markets start to price a serious risk of sovereign default.
GLG chief Emmanuel Roman warns thousands of hedge funds on brink of failure
Emmanuel Roman the cochief executive of Europe's biggest hedge fund GLG has warned that thousands of hedge funds are on the brink of failure as the global economy contracts.
Goldman cuts 3300 jobs as core bank market suffers
Goldman Sachs is cutting 10pc of 33000strong global workforce after continued downturn in a number of its core banking markets.
BBC putting 'favourable gloss' on financial crisis say Lib Dems
The BBC has been accused of pandering to the Government by avoiding the word "recession" in favour of ministers' preferred term "the downturn".
JCB workers take £50aweek pay cut to save jobs
Thousands of staff at digger manufacturer JCB have voted to take a £50aweek pay cut to save 350 jobs.
Financial Crisis: Food sales fall for first time since 1986
Food sales have fallen for the first time in more than 20 years according to statistics that suggest families are cutting back on meat and other expensive products more than ever before.
Pay rises predicted to continue despite recession
Employers plan little change to pay awards next year despite worries about the impact of the recession on their business.
World markets fell sharply on growing fears of a global recession
World markets fell sharply on growing fears of a global recession pushed lower by dismal results from a barrage of American companies and volatile trading in emerging economies.
Northern Rock staff could get bumper bonuses paid for by taxpayer
Northern Rock staff could earn an extra 60 per cent of their annual salary in bonuses paid for by the taxpayer the bank has said.
FTSE 100 fall 4.46pc as recession fears stalk global markets
London's FTSE 100 index fell 4.46pc as recession fears stalked trading floors around the world.
Profit fears send US markets into downward spiral
Fears over the future profits of some of America's largest companies pushed US markets into a downward spiral with the Dow Jones trading down as much as 411 points in early trading.
Evolution snaps up Kaupthing's private client arm
Stockbroker Evolution Group has snapped up Kaupthing Singer ? Friedlander's private client business for an estimated £5m after the bank's Icelandic parent went into administration this month.
Oxford v Cambridge Varsity rugby finds replacement sponsor for Lehman Brothers
Asiabased investment bank take the place of Lehman Brothers as backer for the annual Oxford v Cambridge match.
Financial crisis forces cuts in business travel
A third of companies have halted all business trips as firms seeks to cut their travel spending.
Financial crisis: David Cameron pledges to help small business
David Cameron has called for a series of emergency tax cuts for small businesses to help them through the economic downturn warning many would "go to the wall" without Government help.
Financial crisis hits the West End
West End shows are falling victim to the financial crisis and posting early closure notices.
Alistair Darling's spending plan dismissed by George Osborne
Alistair Darling's plan for Britain to spend its way out of the economic crisis will do nothing to help those already suffering its consequences the Conservatives said.
Hedge fund stars in crisis as performance plummets
The volatility in global stock markets has savaged the performance of some of the world's bestknown hedge funds raising fears of a collapse in the sector that could cause a fresh crisis in the ...
FSA chairman Lord Turner expects the City to recover from financial crisis
He has been in the job for less than a month but the new chairman of the City regulator has barely had a moment's rest. He spoke to Mark Kleinman
British banking bailout architect warns 'we're not out of the woods yet'
The Government's plan to take stakes in struggling British banks has been hailed as a global model for financial recovery. It was hatched in the boardroom of Standard Chartered reports Damian R...
Meet KGuy creator of a spoof shrine that mourns the passing of the City boom
Some thought it was a genuine memorial to victims of the financial crisis others that it was the work of a gloating antiCapitalist.
Unexpected benefits of the credit crisis
The credit crisis may be causing economic misery but it has a silver lining for anyone in search of a plumber a builder a taxi or a table at a top restaurant.
The great economist John Maynard Keynes A biography
John Maynard Keynes was one of the most influential economic thinkers of the 20th century.
Financial crisis David Cameron blames Gordon Brown for Britain's 'broken economy'
David Cameron has broken an uneasy truce over the financial crisis blaming Gordon Brown for breaking Britain's economy with policies that now "lie in ruins".
Financial Crisis Gordon Brown 'a failure' David Cameron says
Gordon Brown's economic policy has been a "complete and utter failure" David Cameron will say.
FTSE 100 slides sharply on US retail woes
Shares in London fell sharply dragged down by weak US retail sales which left investors doubting whether this week's extraordinary £2000bn global bank bailout would be enough to stop a recession.
Gordon Brown calls for global talks to reform world's financial system
Gordon Brown is calling for global talks this year to reform the world's financial system to avoid any rerun of the worst credit crisis since the 1930s Great Depression.
We haven't reached the end of the financial crisis yet
The government's good intentions to prop up the housing market could backfire spectacularly.
HBOS Its capital raising
With HBOS in such a critical condition the UK Government had to find a way to ensure that the proposed takeover by Lloyds TSB did not go sour.
Gilts auction to fund banking bailout
The £37bn bailout of Royal Bank of Scotland HBOS and Lloyds TSB is to be funded in full through the gilt market
HSBC has "no plans" to use Government funds
HSBC has reiterated it has "no plans" to take capital from the Government as shares in the bank rose 7.5pc.
Banking bailout German savers flock to stateowned banks
The German government announced a 500 billion euro £393 bn bailout package for its banks as the country's chancellor Angela Merkel said "drastic action" was needed to shore up the financial system.
Gordon Brown's plan is model for EU response to financial crisis
Gordon Brown's £500 billion British bank rescue plan is becoming the model for the European Union's 'universal response' to the global financial crisis as other governments follow his lead across E...
Bank bailout How it all affects you
What does the bank bailout mean for savers homeowners and your pension?
Financial crisis Markets to decide on HBOS and RBS 'nationalisation'
HBOS and Royal Bank of Scotland are effectively to be nationalised as the Government seeks to bring the UK banking system under its control to halt the financial crisis.
Stephen Hester moves back to banking as new head of RBS
If it is confidence the banking sector is looking for Stephen Hester could be the man to supply it.
Financial crisis Government to take majority stake in RBS
Banking shares across the G7 nations could be suspended tomorrow as Government prepares to take a £35bn equity stake in four of the UK's high street banks.
Financial crisis Winners losers and how it affects you
The Sunday Telegraph tells you everything you wanted to know about the meltdown but were too afraid to ask.
Banking crisis IMF activates emergency cash fund
Emergency cash fund activated amid fears that Iceland and a host of other countries may soon have to be bailed out.
US considering Darlingstyle bank rescue
The US Treasury Department is considering taking ownership stakes in many American banks in a bid to restore confidence in the badly shaken financial system the New York Times reported.
Fed provides AIG with fresh 37.8 billion injection
The Federal Reserve Board has injected a further 37.8bn £22bn into America International Group to help the insurer deal with its perpetual liquidity crisis.
Financial crisis European banking chief Jean Claude Trichet appeals for calm
Europe's top central banker JeanClaude Trichet urges market players to avoid "excessive pessimism" on the trading floor.
Financial crisis How cricket is affected by the credit crunch
We investigate just how the current financial instability around the world is impacting on cricket.
Financial crisis How rugby union is affected by the credit crunch
We investigate just how the current financial instability around the world is impacting on rugby union.
Financial crisis How Formula One is affected by the credit crunch
Investment in racing is often the first item on the corporate budget to suffer when road car sales fall as they are now doing.
Sport in the eye of the storm of financial crisis
How major clubs and events will be affected by financial meltdown.
Hope for Wachovia deal as Citigroup extends ceasefire
Citigroup has agreed to extend its legal ceasefire with Wells Fargo amid growing hopes that the two banks are close to agreeing a deal to carve up Wachovia.
Financial crisis Government UK unveils bailout of UK banks
A bailout of Britain's crisishit banking system worth at least £50bn has been unveiled by the Treasury in an attempt to arrest financial meltdown and avert the threat of a deep recession.
Financial crisis UK bank bailout The key points
The Treasury has today unveiled a multibillion pound package in an effort to restore confidence in the banking system. Here are the key points.
Financial crisis Nikkei suffers worst drop since 1987 crash
Japan's Nikkei index has fallen by 9.4pc its biggest oneday drop since the 1987 stock market crash as Asian investors began to panic about a global recession.
US Election John McCain Barack Obama stage second presidential debate in Nashville
Barack Obama and John McCain clashed repeatedly over the causes and cures for the worst economic crisis in 80 years.
Financial crisis £50billion bank rescue package to be announced
Taxpayers are to bail out high street banks with an emergency rescue package worth at least £50?billion Alistair Darling will announce today.
Federal Reserve puts America's balance sheet on the line
The Federal Reserve's new move could be its most radical yet.
NS?I cuts rates on savings accounts
The official Government savings scheme has cut the rates on its savings accounts prompting accusations that it is "profiteering" from the banking crisis.
Royal Bank of Scotland leads tumble in British banking shares
Royal Bank of Scotland led British banking shares lower in early morning trading as worries over their financial health intensified.
Financial Crisis European cooperation will lead us to safety
When European Commission President Jose Manuel Barroso gave a major speech on global warming in London in January the venue was Lehman Brothers' glittering offices in Canary Wharf.
Congress approves 700bn bailout plan
The House of Representatives has voted 263 to 171 in favour of the revised bill reversing its rejection of the first draft of the rescue package on Monday.
Financial Crisis NS?I nostalgia as we all dust down our little grey savings book
The threeday week energy blackouts a tumbling stock market. Its a wholesale return to the 1970s and now even the little bluegrey savings book that millions of children remember from their childhoo...
Bank safeguard revives Dublin shares
Ireland guaranteed six of its national banks' deposits and debts for two years in an effort to calm investor concern.
Alarm bells ring as Iceland's economy shakes
Few British lives are not touched in some way by Icelandic investment.
Alex Salmond tells Alistair Darling Protect all deposits
Alex Salmond has urged the Chancellor to prevent a run on Britain's crisisstricken banks by providing Government protection for all deposits.
The day Main Street struck back at Wall Street
Americans are incensed by what they see as the villain of the financial crisis Wall Street being given more billions.
Can the Bank of England's Mervyn King survive?
"He doesn't like banks or bankers - there's no secret there. It has been a source of huge problems in the City."
George W Bush urges Congress to accept 700bn bailout plan
The president has been joined by Barack Obama and John McCain in urging Congress to redouble its efforts to find an acceptable rescue plan for the US economy.
Credit markets frozen as banks hoard cash
Banks stopped lending to each other across the globe after Congress's rejection of the 700bn £389bn bank bailout plan prompted fears that more financial institutions would fail.
Dexia gets £5bn bailout from Belgium France and Luxembourg
Dexia became the latest bank to need a bailout with Belgium France and Luxembourg states injecting £5bn.
How bailout was floored by a bad PR job
It's the first impression that counts and that seems to ring true where the bailout is concerned.
Bush to make new plea to Congress
The US House of Representatives has dealt President Bush a humiliating blow by rejecting his £380 billion bailout bill.
