Friday, December 2, 2011

King is in panic

Our whole system's in crisis: Mervyn King warns mortgage rates are likely to soar and tells banks to slash bonuses

  • Sir Mervyn King warns eurozone crisis 'beyond the control' of any UK authority
  • Bank of England preparing for the worst case scenario
  • Downing Street says Britain is in the grip of a second credit crunch
  • But Governor says Britain's banks are among the strongest in the world
By Hugo Duncan and Jason Groves

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Comment:  Forget about Italy, the weakest part of the chain is the UK, or, more specifically speaking, the City. When the financial sector implodes, almost nothing else is left for the Brits to live on.

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