Pound and FTSE 100 rise on weak dollar and gold high
The pound jumped to a threemonth high against the dollar and the FTSE 100 rose for a fourth day on Monday driven by the weakness of the US currency.
The economic week ahead beginning Monday November 9
Mervyn King hits back at Danny Blanchflower's interest rate claims
Mervyn King the governor of the Bank of England has launched an astonishing counter attack on David "Danny" Blancflower the former member of the Monetary Policy Committee MPC who accused Mr Kin...
Mandelson outlines plans for job creation in Britain
Lord Mandelson will today outline where he thinks 1.5m skilled jobs could be created in Britain as a result of emerging employment trends.
Government borrowing jumps as tax receipts plummet
Plummeting tax receipts especially from companies saw Government borrowing surge to its highest level for the month of July since records began.
Think tank Compass says 'masters of universe' must be reigned in
Leftleaning think tank Compass has called for a "high pay commission" to review top pay rates and consider measures to curb excessive remuneration.
UK unemployment set to top three million
The economy may be recovering but the number of people out of work is expected to climb to a postwar record.
The house price crash of 20072009 is over CEBR declares
The house price crash is now effectively over an economic consultancy has declared forecasting that property values will grow between this autumn and the end of next year.
Financial markets await Bank of England's decision on printing money
Sterling and gilt traders are nervously await the Bank of England's decision on interest rates today for any indications whether it will print more money.
The week ahead: Dividend may be scrapped to pay Sports Direct debts
All business and economic meetings results and updates set to affect the markets this week.
Oil demand forecast to rise in 2010
The International Energy Agency IEA expects demand to increase in 2010 even as crude look set for its steepest weekly drop since January.
Most UK businesses freeze pay as recession bites CBI says
Six in every 10 UK companies plan to freeze pay or negotiate cuts according to a new employment survey by the Confederation of British Industry CBI and recruitment group Harvey Nash.
City warns EU rules are a threat to UK economy
The City of London has warned that new European regulations could ride roughshod over the interests of the UK.
Regulation of City may be handed to Brussels
Gordon Brown likely to face fight to defend the City's indpendence from the European Commission.
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.
Rates may rise later this year warns CBI
The Bank of England may begin raising interest rates by the end of the year the CBI warns.
Vauxhall: the bidders and what it means for the UK
The German government is meeting to choose its preferred bidder for General Motors Europe with fears rising of job cuts at UK subsidiary Vauxhall.
Spanish economy shrinks at fastest rate on record
The Spanish economy shrank at its fastest rate on record in the first quarter as household spending plummeted due to soaring unemployment amid the recession official data showed on Wednesday.
Sterling jumps to a new high for the year
Sterling proved one of the biggest winners from general selling of the dollar on Tuesday climbing to its highest level this year as hopes for a recovery in the global economy prompted investors...
German GDP numbers show that eurozone crisis has further to run
The eurozone is in trouble. If the UK's 1.9pc firstquarter fall in GDP was abominably bad Germany's 3.8pc contraction was abominablesquared.
Banks 'may need more state aid' Bank of England warns
The Government must consider pumping more cash into struggling British banks and conceivably nationalise more of them or consign itself to years of insipid growth the Bank of England Governor h...
Mervyn's strangely serene despite our worrying similarities to Zimbabwe
To the casual observer this hardly seems the most relaxing time to be Governor of the Bank of England.
Hopes for 'green shoots' wither following poor US retail sales
Predictions of an early revival for the American economy may have been premature after US consumers spent less on the high street for the second month in a row and the number of repossessed hou...
UK consumer confidence rises for third month in April
Consumer confidence rose for the third month in a row in April according to GfK NOP's latest survey.
National Savings ? Investments launches inflation beating plans
Savers looking for a tax free investment outside the Isa wrapper will welcome the latest offering from National Savings ? Investments.
Economy will be over worst by October says Alistair Darling
The outlook will draw political accusations of overoptimism since some forecasters are much more pessimistic.
One in 20 £1 coins is fake claims expert
The number of fake £1 coins in circulation is higher than previously thought an industry expert said today.
G20 deal will cost Britain global financial power
Gordon Brown will diminish Britain's international role in global financial institutions by increasing European Union representation as the price for an agreement at the G20 summit.
US consumer spending rise fails to extend market rally
US consumer spending rose for the second straight month in February but the numbers failed to push US markets higher.
Wages fall in private sector for first time but rise for public sector workers
Wages in the private sector fall while those in the public sector rise raising fears the recession is creating 'two nations'
Japanese exports suffer another record plunge
Japan announced another record fall in exports as the global economic downturn crushes demand for its cars and hightech goods and pushes the country deeper into recession.
UK will have the worst deficit in Western world warns IMF
Britain is now tumbling towards the biggest budget deficit in the Western world the International Monetary Fund has warned.
1971: What else happened?
One in three Northern Rock customers in negative equity
Nearly one in three Rock customers are in negative equity the nationalised bank has revealed.
Moody's predicts default rate will exceed peaks hit in Great Depression
A bigger proportion of noninvestment grade companies will go bust in the US and overseas in the coming years than during the Great Depression according to Moody's credit expert.
Gordon Brown to bar 100pc mortgages
Gordon Brown is to prevent banks offering 100 per cent mortgages in an attempt to usher in era of "responsible lending".
Savers the winners as real returns rise
Now that inflation has fallen to its lowest level since 1960 it's time for savers and borrowers to play 'Let's Twist Again' as winners and losers in the money illusion swap places.
UK trade deficit narrows as weak sterling gives exports a boost
Deficit narrows in December as imports fell sharply while a weak pound gave a modest boost to exports.
Bank of England's economic model is a 'waste of time' exMPC members argue
The Bank of England's Monetary Policy Committee should cut interest rates to zero and start quantitative easing straight away a panel of former policy makers and economists said today.
Life as an economic liberal is almost untenable at the moment
Economic liberals are facing a terrible dilemma.
House prices show rise in January Halifax says
House prices rose in January for the first time in 11 months according to the Halifax building society.
Manufacturing hit by dramitc fall in demand
Manufacturing has been hit by a dramatic fall in demand - as the "whitecollar" recession spreads to infect the rest of the economy.
Gordon Brown's pledge to create 'British jobs for British workers' is another regret
Gordon Brown was always going to regret his pledge to create: "British jobs for British workers".
Gordon Brown is a busted flush - and he's taking us down with him
Tony Blair timed his exit from No 10 perfectly - Machiavelli would have approved says Jeff Randall.
George Soros the billionaire investor has been selling off sterling
George Soros the billionaire investor famed for "breaking the Bank of England" has launched another assault in recent months cashing in as Britain's currency slid.
Workers made redundant in recession should receive higher benefits
Workers made redundant due to the recession should receive higher benefit payments than those who have never worked a former minister has suggested.
A chill wind blows through Davos as global crisis bites
Forty one heads of state 60 ministers 10 ambassadors 1400 top executives and one global financial meltdown. Welcome to Davos 2009.
Coin glut following VAT change damaging our pockets say dry cleaners
When Alistair Darling lowered the rate of VAT last year he promised it would put more money into people's pockets.
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.
UK recession: 'The Great Escapees'
Louise Armitstead highlights some of the lucky few whose timely deals saw them sell up before the credit crisis hit including David Wilson Linda Bennett and Julian Metcalfe.
UK's deepest recession since 1980 needs David Cameron to step up to the plate
The Conservatives seem to have had a good week. That old warhorse Ken Clarke has returned to the fold.
UK recession: it's official but will it be the worst?
Recession has reared its ugly head with official confirmation of Britain's first downturn since the early 1990s writes Angela Monaghan
UK recession: It's almost official
Figures published on Friday will provide official confirmation that the UK is in recession for the first time since the early 1990s.
Pound slides to lowest level since the Plaza Accord of 1985
The falling pound threatened to spark a diplomatic row last night as the French economic minister attacked the Bank of England for letting sterling slide to 1985 lows.
Jobless man uses Porsche as advertisement
A construction manager who lost his job in Dubai has scrawled an advert on his Porsche in a bid to find new work.
Unemployment to rise to above 2 million figures show
The number of people out of work will surge over the two million mark on Wednesday official figures are expected to show.
Sir John Gieve implies Chancellor's forecasts 'unrealistic'
Sir John Gieve the Bank's deputy governor warns that further interest rate cuts and fiscal measures will be required.
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.
Government help for small business: The key points
The main points from this morning's announcement of Government plans to provide businesses with vital working capital.
World Economic Forum highlights Chinese slump as biggest risk to global economy
A major slump in the Chinese economy is now one of the biggest risks facing the world this year according to an authoritative report.
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.
Thousands of UK jobs go in bleak day for economy
More than 3500 UK jobs were cut or threatened yesterday overshadowing Government attempts to reduce unemployment.
Business leaders attack Gordon Brown's jobs plan
Business leaders gave a cool reception to the Government's £500m worth of measures aimed at helping longterm unemployed back into the jobs market because they feel Gordon Brown has got his prio...
'More help needed' to create jobs
The Federation of Small Businesses FSB is calling on the government to do more to help firms create jobs the BBC reports.
Downturn escalates on both sides of the Atlantic
In 2008 the US suffered the most job losses since 1945 and UK manufacturing suffered its biggest slump in 28 years.
UK manufacturing plunged in November
UK manufacturing plunged in November extending its longest streak of declines since 1980 and factories raised prices at the slowest pace in a year as Britain's recession worsened.
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.
Interest rates cut: Where can I find the best savings rates?
Savings rates are set to fall again but savers can still find accounts paying more than 5pc.
Experts advise moving money out of Premium Bonds
Premium bonds are less attractive than other types of investments and savers should consider cashing them in experts said.
House prices fell a record 15.9pc in 2008 says Nationwide
House prices fell 15.9pc during 2008 the biggest annual drop on record new figures from Nationwide showed today.
Richardson drops US trade post bid
Bill Richardson the governor of New Mexico has withdrawn his nomination to be US Presidentelect Barack Obama's commerce secretary because of a federal grand jury investigation into whether the ...
US will emerge as undisputed top dog in 2009
Interest rates near zero will prevent a replay of the Great Depression but they will not rescue us quickly writes Ambrose EvansPritchard.
UK manufacturing activity shrinks for the eighth month in row
Britain's manufacturing sector has contracted for the eight month in a row as new orders slumped and companies laid off workers at the fastest rate since the series began 17 years ago.
UK house prices suffered record drop in 2008
Prices plummeted 16.2pc last year and Halifax sees little respite for prices in 2009.
Government was UK's biggest advertiser in 2008
The Government was the UK's biggest advertiser in 2008 as companies scaled back as the downturn hit spending.
David Cameron says Gordon Brown is 'dropping bombs' on Britain
Tory leader David Cameron has likened the Prime Minister to the German air force during World War II.
Gordon Brown: Recession will test 'character' of the British people
PM to call for country to "rise to the challenge" of the crisis.
Labour planning secret tax on 'nice houses'
Millions of middleclass home owners living in desirable neighbourhoods face higher council tax bills.
Sterling edges close to parity with euro
Sterling recovered some ground against the euro on Friday but still ended the week near to parity at €1.0707.
Gordon Brown hits back over Rowan Williams' economic attack
Gordon Brown has made a coded attack on Rowan Williams after the Archbishop of Canterbury suggested the Prime Minister's economic rescue plan is "like the addict returning to the drug".
UK public finances slump to worst state in 15 years as borrowing soars
The Government borrowed the most since records began 15 years ago underlining the dire state of the public finances as the economy enters recession.
Labour has failed to narrow gap between rich and poor official figures show
Increases in welfare payments have been cancelled out by higher rates of duty on petrol alcohol and cigarettes which hit the poor hardest and a significant rise in the salaries of the rich.
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.
Fed set to cut rate by half point to 0.5pc
The Fed looks poised to cut interest rates even closer to zero to prevent the ailing US economy getting worse.
US benefit claims hit 26year peak
The number of Americans claiming unemployment benefit for the first time has hit a 26yearhigh as the US economy continues to contract with exports down sharply.
Tucker promoted to chief financial stability role at Bank
Paul Tucker the Bank of England executive widely tipped as a future Governor has been promoted to Deputy Governor.
New Year job prospects hit 15year low Manpower says
New Year job prospects are looking grim according to the recruitment agency Manpower with employer hiring intentions for the first quarter of 2009 sinking to a 15year low.
Bank of England mulls "nuclear option" of cash injection
The Bank of England is working on plans to inject cash directly into the economy the nuclear option to be used only when interest rates approach zero.
US job cuts mount as phone giant sheds 12000
Corporate America is planning 18500 further job cuts as investors brace themselves for Friday's allimportant jobs data.
Interest rates cut: bold move says business leaders
A roundup of reaction business and industry bodies.
Bank of England expected to cut interest rates by one per cent
Bank of England expected to cut rates by at least one per cent amid concerns millions may not benefit from the reduction.
Interest rates: Pound weakens further as pressure mounts on the MPC for a big cut
The pound continued its decline as pressure mounted for a full percentage point interest rate cut on Thursday.
Construction sector hits new low according to PMI survey
The pace of decline in the UK construction sector accelerated in November dragging it to new lows the latest gloomy survey shows.
PreBudget report: Outright nationalisation of banks 'may be necessary'
The outright nationalisation of Britain's banks may be necessary to deliver the lending required to end the economic slowdown the governor of the Bank of England has suggested.
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: Debt to reach levels greater than in wake of Second World War
Britain will borrow more than £400 billion over the next five years as the total stock of accumulated Government debt will peak at 57 per cent of GDP in 2013/14.
PreBudget report: Paul Daniels on why he was right about Labour
When Labour swept to power in 1997 the magician Paul Daniels was one of a clutch of celebrities who threatened to emigrate to sunnier climes.
PreBudget report: Families to get instant help
Families struggling to cope with the economic downturn will get immediate help to pay their bills this winter.
PreBudget report: Gordon Brown the surprise CBI guest offers nothing new
With the Chancellor about to redefine the fiscal rules there was one thought on the minds of Britain's business leaders as they entered the CBI's annual conference today: where am I?
PreBudget report: VAT cut could spur deflation warns economist
Plans to cut VAT expected in the preBudget report will push Britain into a period of deflation an economist predicts.
PreBudget report: Labour's most eyecatching move
Cutting the headline rate of VAT will be perhaps the most dramatic tax measure taken so far by New Labour.
Debenhams extend sales
Shoppers will be able to enjoy discounts over the weekend and into next week as retailers such as Debenhams extend their sales.
Petrol prices cut after price of oil plummets
A new petrol price war has started after the price of oil drooped below 50 a barrel with analysts predicting further reductions as Christmas approaches.
BAE Rolls Royce and AstraZeneca announce jobs cuts
Hundreds of job losses have been announced as the pain caused by the global economic slump intensified.
Biggest deficit since records began reveal state of public finances
The deteriorating state of Britain's finances is underlined with figures that show the biggest deficit since records began.
Deflation: why it is dangerous
Economists warned today that the UK economy is likely to suffer from deflation next year after the latest official data showed inflation was slowing sharply.
G20 summit's achievement was getting momentum going
As the hullaballoo over the weekend's activities in Washington fades you could be forgiven for thinking the meeting was low on achievements.
Head of IMF calls for extra £68billion to bail out struggling countries
The head of the International Monetary Fund has asked for an extra £68billion 100billion of funding to help it play a greater role in assisting a global economic recovery.
UK economic news for week November 1721
This week is unlikely to provide respite from the seemingly constant flow of gloomy data.
Married women are like 'desperate housewives' and should get divorced economics professor claims
Married women are likely to become "desperate housewives" and should have love affairs and open secret bank accounts rather than going for couples' counselling according to an economist.
Gordon Brown to call for global tax cuts
Speech at the Lord Mayor's Banquet likely to fuel speculation that PM is poised to unveil tax cuts in the PreBudget Report.
Founding MPC member says 1.5 point cut is "radical and courageous"
Willem Buiter who called for a 1.5 point cut in interest rates ahead of Thursday's shock decision described the move as "radical and courageous".
Aggressive cuts insufficient to prevent economy falling into recession
This is the first time the Bank of England has cut rates by more than half a percentage point since acquiring its independence in 1997. It is the most substantial cut since a two percentage poi...
Barack Obama will bring stepchange to US economic policy
The Obama revolution may prove as farreaching as Reagan's writes Ambrose EvansPritchard.
Services slump fuels hopes of major rate cut
Business activity in the services industry hit a record low in October increasing the chance of a half point ratecut tomorrow.
Investors won't like Brown's empire any better than Sir Fred's empire building
City Comment
Week Ahead: November 37 2008
Corporate and economic events between November 37 2008
Ben Bernanke will make things a lot worse by repeating Alan Greenspan's mistakes
It may have slipped your mind but this week the United States chooses a new president.
UK now has smaller economy than France
The fall in the pound means Britain's economy is now significantly smaller than France's and could soon be overtaken by Italy.
Pound slumps against the dollar
The pound slipped to a five year low against the dollar yesterday amid expectations that the UK economy is now facing a severe recession.
UK recession is here to stay experts warn
Fomer US President Harry Truman said: It's a recession when your neighbour loses his job; it's a depression when you lose yours. Where does Britain stand?
Gordon Brown should cut taxes to help UK survive recession says John McFall
Gordon Brown must cut taxes for lowpaid workers to help Britain survive the looming recession a senior Labour MP has said.
Sterling tumbles below 1.60 and FTSE 100 falls as UK nears recession
Sterling hurtled through the 1.60 for the first time in five years this morning ahead of official figures that are set to show that Britain is near its first recession since the early 1990s.
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...
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 ...
Pound slumps and shares tumble as Gordon Brown admits recession is looming
Prime Minister joins BoE governor in using the rword as markets plunge.
Financial crisis: Government borrowing at highest level since 1946
Public sector borrowing reaches new high even before the Chancellor begins implementing a strategy to spend his way out of the economic downturn.
Cap on immigrants welcomed
Business leaders have largely welcomed Immigration Minister Phil Woolas's proposals to cap immigrant labour in an attempt to reduce unemployment and boost the British economy.
Financial crisis George Bush to host global economic summit
President Bush will invite world leaders to discuss the worldwide economic crisis and find ways to prevent a repetition of the recent financial meltdown.
Financial crisis: Alistair Darling to bring forward public building projects
Major public building projects are to be brought forward to provide employment for workers made redundant during the financial crisis under government plans.
Financial crisis: Hedge fund manager thanks 'stupid' traders for making him rich
An American hedge fund manager whose bets against the US subprime mortgage market turned him into a multimillionaire has thanked "stupid" bank traders for making him rich.
US consumer confidence crashes most on record
Confidence among US consumers fell by the most on record in October raising the risk that spending will slump as job losses mount and financial markets crash.
Gordon Brown says credit crisis is 'defining moment' for world economy
Gordon Brown has described the global financial crisis as a "defining moment for the world economy".
Britain a dangerous place to do business OECD to warn
OECD report says Britain has weak anticorruption laws.
Financial crisis: Oxford University and Audit Commission fall victim to banks
Oxford University and the Government's spending watchdog the Audit Commission appear to be the latest highprofile victims of Iceland's failing banks.
Financial crisis £37 billion bail out package could add 11p to the basic rate of income tax
Gordon Brown's £37 billion bank bailout could leave a generation of British workers paying extra taxes equivalent to almost 11 pence on the basic rate of income tax.
Financial crisis is 'manmade catastrophe' says World Bank chief
The global financial crisis is a "manmade catastrophe" according to Robert Zoellick the president of the World Bank.
Financial crisis Pound at lowest level against dollar in five years
The pound has slumped to its lowest level against the dollar in five years as mounting fears over the health of the UK economy sent sterling crashing.
Pounds falls to fiveyear low on Iceland exposure
The pound fell to a fiveyear low against the dollar on concern about Britain's exposure to collapsed Icelandic banks.
CBI urges interest rate cut
Pressure is building on the Bank of England to reduce interest rates this week after Britain's biggest business lobby called for a sharp cut.
Ireland's Celtic Tiger economy is dead and its cubs are thinking of emigrating
Thirty years after his uncle escaped poverty by leaving Ireland for ever for New Zealand 25yearold Jason Kenny is preparing to follow in his footsteps and head Down Under in search of a new life.
House prices fall for 11th straight month
House prices fell 1.7pc in September, the 11th straight monthly decline, as the country's economic slowdown deepens.
House prices fall for 11th straight month
House prices fell 1.7pc in September, the 11th straight monthly decline, as the country's economic slowdown deepens.
Mortgage lending down 95 per cent
Mortgage lending collapsed to its lowest ever level last month, official figures show.
Mortgage lending down 95 per cent
Official figures show mortgage lending collapsed to its lowest ever level last month.
China now home to more 'super rich' than Japan in AsiaPacific region survey
China has overtaken Japan as home to the highest number of super rich in the AsiaPacific region according to a new survey.
Recruitment websites seeing boom in workers logging on to look for new job
Recruitment websites are reporting a boom in business as tens of thousands of workers who have lost their jobs log on in search of another.
Gas and electricity bills could climb yet higher this winter report warns
Gas and electricity bills could climb another 15 per cent leaving customers facing bills of £1500 this winter a report has warned.
Chance of interest rate cut played down by Bank of England policy maker
The chances of an interest rate cut next month because of the chaos in the financial markets have been played down by a leading Bank of England policy maker.
Financial crisis The Government is to blame not those global fat cats
Fiscally and monetarily the Government got it wrong leaving the UK economy ultravulnerable.
