Is Britain’s economy heading for the perfect storm?

Sean O’Grady, Economics Editor Published: 05 December 2007   The storm clouds are gathering over the jobs market; the climate on the high street is growing distinctly chilly; a typhoon of bad debt is buffeting the banks. Could a “perfect storm” be about to hit the British economy? The signs couldn’t be much bleaker. The switchback […]

Chancellor makes credit crunch warning

Alistair Darling warned this morning that the UK has entered “an unparalleled period of financial uncertainty” following the departure of Charles Prince from Citigroup.The chancellor called on the banking community to be candid about the damage caused by this summer’s credit crunch and the crisis in America’s sub-prime mortgage market. “We need to get to […]

Further price drop for US homes.

The price of existing homes in the 10 largest US cities fell by 0.6% in July – the steepest drop in 16 years – a survey has found. The data, from S&P/Case-Shiller home price index, put the annual price fall in those cities at 4.5%. A broader survey of 20 cities found that prices fell […]