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Britain's economy is about to suffer its most vicious slump since 1946, shrinking by a drastic 2.8 per cent this year, Brussels warned yesterday, as fears over the scale of the recession mounted despite the new banking bailout.
Britain to suffer 'deepest slump since 1946 and worst of big EU economies'

The Government took the first step towards quantitative easing yesterday by authorising the Bank of England to buy up to 50bn of private sector assets as part of a wider drive to get banks lending again.
Bank of England edges closer to 'printing money'

Northern Rock announced plans to halt the rapid winding down of its mortgage book yesterday, after it was given longer to pay back its 26bn loan to the Government as part of efforts to boost lending and the economy.
Rock set to boost mortgage lending

Ireland's entire banking system may have to be nationalised after the "worst day in Irish financial history" in which the benchmark index fell the most since 1993, according to a leading economist.
'Worst day' in Irish financial history

Standard & Poor's has stripped Spain of its coveted AAA status in the first such move against a top-rated country since the global crisis began, reflecting the deep damage suffered by Spanish public finances as the debt bubble bursts.
S&P strips Spain of its AAA credit rating

S&P is none too impressed with the Kingdom of Spain, but Fitch thinks the outlook for the country is, at the very least, stable. The ratings agency today affirmed Spains triple-A rating, citing the headroom which exists in the governments balance sheet to absorb the fiscal shock associated with the forthcoming recession and measures to support the banking sector.
Fitchs contrario call on Spain

Japan must break free of the heartlessness of Wall Street and create a new brand of tenderhearted capitalism to lessen the pain of the worst economic crisis since the Second World War, the economics minister told parliament today. Kaoru Yosanos comments were matched by an even more striking public attack on western-style capitalism by Yasuhiro Nakasone the former prime minister.
Japan in move to the left with 'tenderhearted capitalism'

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