The worsening state of the UK economy
- A record 200 people a day declared bankrupt
- Baugur - the owner of Hamleys, House of Fraser and Mappin and Webb - goes into administration
- Ford cuts 850 UK jobs amid 30% sales plunge
- Manufacturing output declined at its fastest rate since 1981 in December
- The U.K. economy plunged further into recession in the three months through January
At the same time, the so-called Global Alliance on the credit crunch that our Prime Minister has been advocating is slowly unravelling, as we saw from President Sarkozy's remarks yesterday.
Regardless of people's disdain for their actions, banks remain at the centre of any recovery plan for the UK economy.
With news that they have taken £185 billion of taxpayers money, it is time that they reciprocated by getting money to flow to the business community again.
At the very least, they should stop their practice, which is still prevalent across many sectors, of withdrawing loans and overdrafts without any rationale or warning, sending more viable companies, and tens of thousands of jobs, down the pan.