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There are growing fears that the downgrade of US’s debt coupled with the mounting eurozone debt crisis will spill over into the banking system. This will spark a fresh second credit crunch, which will be at least as bad as the first one that followed the Lehman Brothers’ collapse.
A new round of credit crunch would [...]

The price of oil jumped by nearly 4% amid warnings that the surge will clobber the UK’s economy. Brent crude rose $4.12 a barrel to $114.72 as the turmoil in the Middle East and catastrophic events in Japan went on to rattle the markets.
According to the National Institute of Economic and Social Research, the price [...]

Offical figures released on Friday are tipped to confirm that the UK economy shrank by 1.5% in the first quarter of 2009, nearly matching the steep 1.6% drop in GDP in the final three months of 2008.
Meanwhile, official figures due out before the Budget on Wednesday are tipped to indicate that public sector borrowing was [...]

Last night, world economists warned that the economic situation in the UK will be hit harder than any other developed nation in the worst recession.
The International Monetary Fund outlook suggests that UK’s recession will be deeper than that in the U.S., Italy, France and elsewhere. It is forecast that, in the bleakest assessment of British [...]