Brown's spend, spend, spend during his Chancellor's days has brought us into the current economy we are facing today. His appeal at a Downing Street meeting for the lenders to pass on cuts appeared to fall on deaf ears with HBOS, which owns the Halifax, increasing its rate on some mortgages from 6.09 to 6.59 per cent. Borrowers taking out this type of deal will now pay 46 more a month. On a two-year tracker, the rate will increase from 1.49 points above base rate to 1.99 points, giving a current rate of 6.99 per cent.

Other lenders are expected to follow Halifaxs lead.

If the Government wants the banks to lower mortgage rates to home owners - why not just offer them through Northern Rock? Everyone would rush to the Rock to get the loans forcing banks to match the rates or lose the business? Or maybe the government would then run into bigger credit crunch?

The British pound has dropped to US$1.86. Thanks to Gordon Brown.

lol......he's getting on with the job.....thats what he keeps on saying.

its going to get a lot worse before its going to improve.....just to cheer u all up

hyleo

pound going to 1.70-1.8$ from some analyst but longer term it says 1.5-1.6$

Well, it means the gadgets I buy in the U.S. will cost a tad more if I use a Sterling credit card, but it really helps my company which is a technology exporter to the U.S. We have to price in dollars, and we've been badly hurt by the overvalued pound in recent years. $1.7 seems a much more natural level. Some of my existing supply contracts were originally struck at that level in the 90s.

We will see less tourists going to the States and Europe. Let's all sit down and watch TV instead.

Womens beach volleyball looks good at the moment!

Thanks for reminder "tabasco" must check TV guide for today.

When watching Brazil vs Greece, my partners comment was "do they really have to wear Bikini's for the sport"

answers on a postcard

Question his how low can Sterling go on the Euro and the dollor.
Most imports goods in this country are used for manufacturing and almost all food in this
country is imported as well But Gorden as gamle on the economy and hes the only one
can guide this ship out of trouble and he willing to run the gauntlet on the behalf of the
British people over the next 15 months also. Then he will write a book like the rest.
His will be about British history and his old skills running the economy. As for his mate
Tony Blair saying labour will not get in at the next election his that were someone votes
for a leader of a government that run the country that will be called a general election
then the people vote in agreement
What did tony give us cctv camera for every 14 people in great britian and the next
the president of Europe

What do you mean "is ruining" he has already done it and is so deluded that he can't see the job is beyond his capabilities ... while Parliament is full of people who do not understand their responsibilities.

AGREED//AS ABOVE//BUT JUST TO SAY THEY ARE ONIY THERE FOR THE BEER OH AN THE MONEY EVERY LITTLE BIT HELPS/

Corruption rules UK!

This is a very informative thread.

I wonder what the first 5 steps would be appropriate for an economic recovery in Britain, and who do you think would have the ability to implement these brilliant suggestions?

there might be people to sort out uk but these people r probably not politicians.......people like brown, prescott etc r professional politicians......they aint really worked, ran a business, know how a company operates etc.....so how do they know how to run a country........also they become brainwashed after researcher etc, junior minister before going higher up....rather than having beliefs or idealism.

1st step is out of europe.....blair cancelled uk rebate that mrs.t fought for.....then doubled amount we got to give for next 6 years.....when we r at our poorest!

ofd course if uk never invaded iraq and spent tens of billions, that would be more money saved.......then again uk now has its 1st war criminal

I have to laugh about all the free-markeeters on these boards. The idea that "business knows best". Give me a break. What about the banks and sub-prime? The onlyone who saw it coming was Goldman. Fortunately, clydesdale and lloyds tsb and some others ignored sub-prime. RBS has humiliated Scotland. It is supposed to be the country's flaghship businesss. shocking. Scotinvestor said a few months ago that people in the public sector don't work so hard but in the private sector they're expected to perform. Fred Goodwin is earning 4 million this year. Surely, if his pay was performance related he would be getting sacked without any pay-off. I personally think members of the public are within their right to take action against directors and boards who underperform, eg. tarring them, putting them in stocks that kind of thing.

Performance related is one of the biggest myths going. Warren Buffett has only ever paid himself 100 000 thousand dollars a year, his reward , his capital, is completely dependent on his performance. There is a tangible link. Not so with other fund managers , who pay themselves on average 400 000 thousand a year , and hardlyany of them beat an index fund over the long term. If you can't beat an index fund regularly then you don't deserve to earn anything, since you're not doing your job, you're not adding any value over a tracker.

And another thing, I'm no fan of Brown, but do you think things would be better with Cameron? Would electricity prices be cheaper? doubt it. At least, Brown got 20 billion off the 3g licenses at the height of the dot com boom, that puts in the shade whatever he would have got form gold at these prices.

The georgian team are gorgeous at the beach volleyball,helps they're brazilian.

How can London compete with China's Olympics??? Their opening and closing ceremonies were spectacular. And Zhang Yi Mou has done a marvellous job.
Who needs Steven Spielberg anyway?

Some sections of the Chinese media approved of the eight minute handover segment of the ceremony, in which London was given the chance to showcase itself as the host city of the 2012 Olympic Games.

But others were less than complimentary and criticism was fiercer still among ordinary Chinese people writing on internet blogs.

Mr Johnson was accused of being "rude, arrogant and disrespectful" for accepting the Olympic flag with one hand, putting his hands in his pockets and not buttoning up his jacket.

London's handover pageant meanwhile - which featured a red double decker bus, the guitarist Jimmy Page, reality television singer Leona Lewis and the footballer David Beckham - was ridiculed for being beyond comprehension.

The Titan Sports Daily newspaper dismissed Page and Lewis as "not famous enough" to be known by the audience in China. It also criticised Beckham for allegedly failing to hit the right spot when he kicked a football into the crowd at the Bird's Nest stadium.

The paper said: "Just like any of his penalties at a football match, he totally missed it."

It went on: "Unlike the Chinese custom, which tends not to reveal their weakness to the outsiders, the British seem to like to laugh about their stupidity in a funny way.

"During the performance, when the London bus pulled over, all the passengers waiting for the bus rushed into the door at the same time, which truly damaged the 'British image'."

Another newspaper, Daily First, commented that the London performance was "casual" and "beyond our understanding".

Charitably, it said that the problem might be due to "cultural differences" between China and the UK.

However, the strongest adverse reaction was on the internet where Mr Johnson was singled out for attack.

One blogger wrote: "At such a formal occasion, he should have buttoned his jacket. If you dress informally or not properly, it can be seen as disrespect to the host.

"When he was stepping to the stage and down, he put his hand in the pocket of his jacket. This shows he was extremely casual, he did not seem to take this occasion seriously.

"After he took over the Olympic flag, he simply passed it to the Chinese standard-bearer. He was the only person who took the flag with one hand. This is very disrespectful to the Olympic flag."

Mr Johnson was also accused of ignoring the Mayor of Beijing when he shook hands with International Olympic Committee (IOC) president Jacques Rogge.

However, some sections of the Chinese media praised London's effort, with The Beijing News calling it "colourful".

Zhang Yimou, the internationally acclaimed Chinese filmmaker who directed the opening and closing ceremonies, also said London's performance was "very creative" and praised the inclusion of the bus and its use as a moving platform for the show.

London 2012 organisers have already been at the centre of a row after an image of Myra Hindley, the Moors Murderer, was included in a montage of British achievements at the closing ceremony. It was immediately condemned by Mr Johnson and Prime Minister Gordon Brown.

Labour MPs Joan Ryan and Janet Anderson join open revolt against Gordon Brown
Gordon Brown is facing a growing revolt from Labour MPs who want to force a leadership election.

13 Sep 2008

Joan Ryan said there should be a "multiplicity" of challengers At least five more MPs joined the growing clamour against the Prime Minister by calling for a debate and a vote on whether he should continue as party leader.

Joan Ryan, the Labour MP for Enfield North, a vice chair of the party and a former minister, told BBC Radio 4's Today programme that there should be a "multiplicity" of challengers to compete for the leadership. "I have written to the party and asked for nomination papers to be issued," she said.

Within minutes of Ms Ryan's comments, Janet Anderson, the Labour MP for Rossendale & Darwen, also asked for leadership nomination papers to be sent out.

Their comments have intensified the pressure on Mr Brown, who is now facing an attempted coup by a growing number of Labour MPs in the party.

On Friday, the Prime Minister was forced to sack Siobhain McDonagh, a junior whip, after she became the first member of his administration to call for a leadership election. Miss McDonagh said her call reflected the private concerns of many Labour MPs.

Others who are believed to have requested nomination papers being sent out are former ministers George Howarth, Kate Hoey and Frank Field. Backbenchers Jim Dowd and Graham Stringer are also understood to have issued the request.

Ms Ryan said today: "I think that in order to serve our constituents properly to the best of our ability, to face the big issues that are facing our constituents and to ensure that we have the best way forward to deal with those big issues, we need to have this debate about the direction and leadership of our country out in the open now.

"Because it's a debate that I haven't caused, but it's a debate that's happening anyway at all levels. The fact that it's a little more open now is healthy, better. It's happening at all levels of the party and it should be happening in a more open and honest way."

Ms Ryan insisted that she was not part of a "plot or a conspiracy" and did not know how many people have written asking for the nomination papers. But she said "a number of MPs" had expressed concerns to her after her summer break.

The Labour MP declined to say whom she would back in a leadership election. "I think we need to have a leadership election to trigger a deep and far-reaching debate and those people in our party who have something to offer and are capable of leadership need to put themselves forward," she said.

"We need a multiplicity of candidates. That's a healthy thing to do and that's part of the democracy of our party. It's happening anyway, as I say, but it's happening behind closed doors."

Ms Ryan has been critical in recent months of Labour's alleged failure to relate to voters. "I just don't think we're connecting on the doorstep," she said in May.

However, Tony Lloyd, the chairman of the Parliamentary Labour Party, said today that he was not aware of any widespread support for Ms Ryan's position. What it does represent is a handful of people who are not joined by the overwhelming majority of Labour MPs," he said.

Mr Lloyd also stressed how difficult it would be to actually trigger a leadership election. "A stalking horse it does not seem as if there is and don't forget that it requires the threshold of 70 Labour MPs and this handful of people who are coming out of the woodwork are not going to trigger a leadership contest," he said.

Other MPs who have requested nomination papers are said to include former ministers Janet Anderson, Kate Hoey and Frank Field, and backbenchers Jim Dowd and Graham Stringer.

More names are expected to emerge over the coming days as part of what appears to be a co-ordinated move to destabilise Mr Brown.

The rebels hope that the resulting pressure could force the Labour Party to issue nomination papers to all its MPs ahead of the Manchester conference. If that happened, they believe at least 71 would nominate somebody other than Mr Brown, prompting an election.

Gordon's head will roll soon...

I think Straw will take over but it is probably a question of timing as regards damage limitation. With plenty of soft and smelly still yet to hit the fan as far as the economy if concerned, it may be felt that it is better to let the new leader have lmited time in the position before the General Election and let Brown continue to take the flak for the time being. Still we shall see, either way it looks like Brown is finished.