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Gloomy news that US property transactions fell by 27% last month has prompted a Bank of England member to predict trouble for the UK economy Fears intensified yesterday that the US was heading for a double dip recession that could reverberate around the world after figures showed American home sales slumped twice as fast as expected [...]

A record 27% slump in July home sales has intensified fears of a US double dip recession Fears intensified today that the US was heading for a double dip recession that could reverberate around the world after figures showed American home sales slumped twice as fast as expected last month to a 15-year low. The Dow Jones [...]

Stanley Druckenmiller, who made $1bn for George Soros betting against sterling, to close hedge fund, Duquesne Capital The billionaire investor who beat the Bank of England on Black Wednesday has given a rare glimpse of the emotional cost of the hedge fund industry as he announced plans to wind up his business. Stanley Druckenmiller, the inspiration behind [...]

The US Fed open markets committee meets tonight to address the slowdown in the world’s largest economy and QE is back on the agenda What is QE? The worst economic slump in decades prompted central banks around the world to take unprecedented measures. By the end of last year the Bank of England had pumped £200bn into [...]

US data likely to show poor outlook on jobs Markets are braced for more gloomy news on the western economies with US data expected to confirm a poor outlook for jobs and shaky confidence. Figures today showed a surprise jump in US claims for unemployment benefit to a three-month high of 479,000. They are expected to [...]

Another rise in US unemployment and slower worldwide growth may persuade Bank of England to keep rates at 0.5% Predictions of a second monthly rise in US unemployment coupled with reports of slower growth in the eurozone, China and Japan are likely to persuade the Bank of England’s monetary policy committee to keep interest rates at [...]

From Richardson to Trichet to Volcker, central bankers are remarkable for their longevity In the preface to the 10th printing of Summer Lightning, PG Wodehouse noted that a certain critic had remarked nastily of his last novel that it contained “all the old Wodehouse characters under different names”. This time, Wodehouse wrote, “with my superior intelligence, [...]

As the rest of the world comes out of recession by stimulating spending, we remain in snobbish thrall to the bankers Guess what? Britain has an economic policy that works, one that is small but perfectly formed. It is not the £175bn that the chancellor, Alistair Darling, has hurled at banks, apparently with no effect whatsoever. [...]

Fears of recession revived as CIPS survey shows output dropping again and Bank of England finds lenders rationing mortgages The pound suffered another knock today as a slew of economic figures showed the British economy is still starved of credit and the manufacturing sector is sliding back towards recession after its recent recovery. An already-weak sterling fell [...]

Yesterday interest rates were dropped by 1% to 2% by the Bank of England, yet other banks and mortgage lenders have failed to lower their rates with some showing at least three time the amount of the rate that stands today. Gordon Brown pledges to force these banks into lowering their rates back down to [...]