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The UK financial system was bailed out by the taxpayer to the tune of £500bn in 2008. Economics Editor Faisal Islam analyses the government’s response as it pumped billions of pounds into the city.
For ordinary Britons, and companies, the credit bubble is as much a matter of history as the Tulip bubble. For governments, however, the credit boom is only just beginning. And Robert Stheeman is about to start running the biggest overdraft in British history. Mr Stheeman is the chief executive of the Debt Management Office, the…
Jon Snow
This is a day on which you will need to know what a trillion looks like. We are working on a physical representation of what a trillion pounds looks like. But just for guidance, go to YouTube (see below).
The world is in an era of epic economics. So huge are the challenges, they will define domestic politics for years. Forget about the right answers, politicians are only just beginning to come up with the right questions. And in this strange new world there often is no right answer. The international aspects of the…
Jon Snow
This G20 exists at so many levels. Take Brazil’s President Lula. Fearless campaigner against the carbon footprint. But having flown from Brazil to Doha and Doha to Paris, today he abandoned his plane, sending it empty to London while he took the train. But the high spot thus far has been the Obama-Brown press conference.…
WASHINGTON DC, USA – “F*** you” is not the most erudite political analysis you will ever hear in America. But it’s is one that is proving hugely popular as Jon Stewart, the host of Comedy Central’s Daily Show (also shown in the UK on More4 right after More4 News), seems to be saying it every night…
SHANGHAI, CHINA – How is it that the country with one of the poorest populations in the world is the biggest lender to the richest? How can it be that apparently one of the prime agenda items for Mrs Clinton’s Chinese visit was her indebtedness to her country’s indebtedness. Well, welcome to Chimerica. It’s the…
Jon Snow
Yes, it’s official, we are in charge of Lloyds Banking Group, aka Lloyds TSB HBOS. In fact we didn’t know it. But we’ve had it since 13 October last year. According to a release that lands on our desks this morning, the Office of National Statistics has deemed that both RBS (which we already knew…
Jon Snow
The euphoria of the Obama swearing-in has very quickly been replaced here in Washington by the sober dawning of new morning. And a gloomy, overshadowed thing it feels to be. The speech he made at the podium beneath the Capitol was less rhetorical and more content-strewn than most had expected, and much of the content…
Within a week in October 2008 the US and UK governments were forced to bailout their banks in order to save the economic system as the credit crunch began to bite.
Faisal Islam sounds a warning note for British savers attracted to Icelandic institutions by high interest rates. Six months later, the country’s economy – and its major banks – collapsed.
Channel 4 News investigates Obama’s roots in early Chicago politics and looks at the role race played in his presidential campaign.
Across the country a run on Britain’s fifth largest lender after the Bank of England offers Northern Rock unlimited support.