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This is Money
Labour's sterling crisis has intensified with the pound slumping to a new 16-year low. The fall was triggered by an OECD warning that Britain is already in recession and the Government's pledge to spend 600m bailing out the housing market.
Sterling slumps to lowest in 16 years
After record petrol prices, energy bills and the ever-higher cost of the supermarket basket, consumers now face the biggest price increases on non-food items such as T-shirts, shoes and sofas for more than a decade.
As sterling sinks, so price rises spread ever further
Troubled lenders in the UK may have tapped the Bank of England's emergency funding scheme for as much as 200bn, according to investment bank UBS - double the most aggressive estimates. Alastair Ryan, UBS banks analyst, has calculated that "the take-up could be 200bn or more".
Lenders may have tapped Bank scheme for 200bn
Oil prices sank to a five-month low of just over $105 a barrel on Tuesday as traders turned their sights on signs that slower growth was spreading beyond the US into Europe, Japan and even emerging markets. The fall led some analysts to suggest that oil prices could move back below $100 a barrel, a level not seen since March, after fears that US oil supplies could be severely disrupted by hurricane Gustav proved unfounded.
$100 a barrel in sight as oil price slips
Opec's more aggressive members are already speaking of production cuts. Venezuela and Iran have said that $100 per barrel is a benchmark they will defend and an Iranian official said yesterday that as a first step the cartel's members must stop exceeding production quotas, which would imply an immediate cut of about half a million barrels per day.
Iran calls for production cuts as oil price plummets
Dealing floors in Tokyo, Hong Kong and London said that there had been noticeable intervention efforts by authorities in Malaysia, Indonesia, the Philippines and India - each selling dollars in favour of local currencies. Although the moves were near-simultaneous, analysts said that they were unlikely to have been part of a concerted scheme.
Asian central banks step in as turbulence buffets region
A number of international companies leaving the UKs junior stock market has raised questions as to whether Aim is losing its lustre. Since April more than 10 companies have either cancelled their listing, intend to cancel or to seek a quotation on other markets.
Companies start to lose interest in Aim