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Embarrassing volteface as country admits economy will contract by 6pc this year the worst in the West.

The US economy slid at a 6.1pc rate in the first quarter as the recession intensified in business investment even as consumer activity rebounded official data showed on Wednesday.

Chancellor told a gathering of business leaders that those with the "broadest shoulders" must pay their share.

Kate Barker the Bank of England Monetary Policy Committee member was quoted on Wednesday as saying it was right for banks to be cautious about lending in the face of rising unemployment and housing repossessions.

The emergence of 'green shoots' in the housing market is not the start of a "sustained pick up" according to the Council of Mortgage Lenders.

Shoppers are relying more heavily on debit cards as figures show they pay cash rather than use their credit cards on the high street.

Sandra Grant received apology after firm admitted the only correctly addressed letter was for her dead husband.

The head of the City watchdog has called for banking to go back to basics after warning that the cost of the recession will be "huge".

Credit card borrowers with cards issued by Citi the Americanowned bank will be given the opportunity to reclaim money lost in disputed overseas transactions.

If the outbreak of swine flu in Mexico becomes a pandemic the economic consequences could be great. Below are estimates of the costs of such a disaster: