18-03-08, 10:48 AM
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#4
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Guest
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Re: Mills McCartney
especially when
Quote:
On a chaotic day in the City, the pound suffered its worst one-day fall since Black Wednesday in 1992 amidst fears of a growing global recession.
• Britain's biggest mortgage lender, Halifax Bank of Scotland, lost 13 per cent of its value amid fears that its profits will be severely affected by the global credit crunch.
• Both Barclays and Royal Bank of Scotland had nine per cent wiped off their share price as the FTSE 100 index plunged by almost four per cent to a two year low.
The Prime Minister, Gordon Brown, promised to take "whatever action is necessary" to maintain economic stability.
But many City veterans said the UK is heading for its worst financial crisis in 'living memory'.
Terry Smith, chief executive of Tullett Prebon, a specialist broker in the City, said: "I have been working in finance in the City and worldwide for 34 years and I have never seen anything like this.
"I don't think anybody alive has seen events of this seriousness and magnitude affecting the financial markets."
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