The CEBR – Centre for Economics and Business Research, expects a shrink in the UK economy by almost 2.9% in the year 2009, which is more than any time ever since the 40s. It also predicts a decline in the consumer spending and a slump in all forms of business investment. The forecasters also predict Read more
Germany’s Commerzbank settles 9.8bn euros ($14.4bn; £8bn) worth deal with insurer Allianz to buy Dresdner Bank. In UK, Dresdner has considerable operations and this move will cause 9,000 job losses in which around 1000 positions to be cut in the UK. Recently, Dresdner had suffered a lot of loses because of the sub-prime crisis and Read more
In an interview with the Guardian newspaper, Chancellor Alistair Darling admitted that the UK is passing through the worst economic crisis in sixty years and this economic downturn would be more profound and long-lasting than expected. Darling also admitted that voters were not happy with Labour Party’s handling of the economic issues. George Osborne (Shadow Read more
The UK economy is feared to move towards recession as the pound value wilts away against dollar in more than two years. The Pound hits its minimum level and this fall is observed since July2006. “The growth number confirmed our worst expectations,” said John Hydeskov analyst at Danske bank in Copenhagen. Also there is rapid Read more