Global market crash

Tuesday, 07 Oct 2008 13:29

Global market crash

Tuesday, 07, Oct 2008 12:00

Global markets went into freefall yesterday, with the FTSE posting its biggest ever points fall to 4,589 and the Dow Jones down 370 to 9,956 points.

The UK government is facing criticism for not acting decisively enough.

Some banks are calling for further recapitalisation, some consumer groups and economists are calling for the chancellor to guarantee all UK deposits and many are looking towards partial nationalisation of the banking industry as the least painful option.

The Cabinet met for the first time today since the summer recess, but no concrete proposals were made.

Lab: Support and intervention

Tories: We offer constructive support

Lib Dems: Govt dithering is damaging

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