The news on the UK economy just keeps getting worse. Last week’s news was unremittingly glum - from falling house prices to income squeezes, most of us are quite a bit worse off than we were a year ago.
The Fed once again cut interest rates on Wednesday, this time by a quarter of a percentage point. So what does this mean for the U.S. economy as well as the central banks in Europe?
As expected, UK interest rates come down a quarter per cent to 5%. London equities are down 75 points, the pound is grovelling against the euro like never before and DSG International (Curry’s/PC World) says promotional goods are all that’s selling, as it dishes out another profit warning.