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Darling warns credit squeeze will hit the UK economy

The Chancellor has warned the current credit crunch is likely to have an effect on the UK economy and is set to down-grade his growth forecasts for 2008.

In an interview with the Financial Times, Alistair Darling said “it would be prudent to assume it will have some effect on us here”.

Darling is expected to down-grade his 2.5 per cent to 3 per cent growth forecast for 2008 in the pre-Budget report, which will take place next Tuesday.

Darling said: “It is less than two months since the current situation manifested itself. Where does that leave us? In terms of how I see things looking forward, I think it means that we have to be cautious.

“It certainly means that we’ve got to stick to the discipline that we’ve imposed on ourselves these past few years, that we avoid getting ourselves into a situation where you’re ever tempted to make promises that you simply can’t keep, that you can’t afford.”

“So the position I see is that there will undoubtedly be an effect. It’s too early to say what it is, but I think all economies right across the world need to be aware of that.”


Property pension for three million

Around 3.2 million people are relying on property for their pension and 33 per cent of UK adults are not making any provision for retirement, says Baring Asset Management. Its research shows that 7 per cent of people are relying on property investments to fund their retirement which Barings says leaves them “dangerously exposed” to […]

Is property set to subside?

Brick and mortar have held up well but cracks have been appearing in funds invested in property shares, says James Phillips

Positive Solutions forms new role of mortgage manager

Positive Solutions has appointed Paul Rignall to oversee the development and expansion of its mortgage intermediary business.Rignall joins in the newly created role of mortgage manager to develop an in-house advice and product proposition that will enable Positive Solutions to build on its mortgage business. Positive Solutions claims that one-third of its 1,700 Partners are […]

Suffolk Life launches MasterSipp with protected rights option

Suffolk Life has launched a trust based Sipp product which will allow customers to self-invest protected rights money.The existing Sipp will be closed to new business from November but customers will be able to remain in the Suffolk Life Deed Poll scheme if they wish.However, they will have the option to transfer into the new […]

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]


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