Biting the bullet

Will Hutton

Bold, comprehensive and at times surprising, the UK's bail-out plan for partial nationalisation is just what the system needed, writes Will Hutton.

Biting the bullet

Offshore opportunity

Maya Fisher-French

Despite South African retail investors having withdrawn R3-billion from offshore funds in the last quarter, fund managers recommend offshore markets.

Credit crunch may be half market estimates

Matt Falloon

The scale of losses and the economic fallout from the global credit crunch may not be as bad as feared and subprime losses could end up costing less than half market forecasts, the Bank of England said on Thursday. The central bank is still concerned about the consequences of the credit crisis but Deputy Governor John Gieve said conditions could stabilise soon.

Minister blames Bank of England for Northern Rock debacle

Staff Reporter

Germany's Finance Minister, Peer Steinbrück, blamed the Bank of England on Friday for the collapse of Northern Rock and the loss of 2 000 jobs, savaging the central bank for not pumping enough liquidity into money markets last year. Unlike the central banks of the United States and European Union, the Bank of England failed to support the banking sector with vital loans, Steinbrück said.

Gordon Brown faces first electoral test

Paul Majendie

British Prime Minister Gordon Brown, his popularity plunging and his reputation for economic competence under fire, faced his first electoral test on Thursday since taking over from Tony Blair in June. The local council seats up for grabs in England and Wales, alongside a high-profile clash to pick the next mayor of London, were last contested in 2004.