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Politics : Welcome to Slider's Dugout

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To: surelockhomes who wrote (8654)	3/24/2008 7:52:46 PM
From: maceng2	Read Replies (1) of 50670

In the UK J6P news today. Gordon Brown's £300bn banking debt fear mirror.co.uk ===================================================== Gordon Brown's £300bn banking debt fear By Bob Roberts 24/03/2008 Related Articles More Top Stories What are you talking about? Get published News picturesBanks worldwide could be as much as £295billion in debt, Gordon Brown will warn this week. In a joint meeting with French President Nicolas Sarkozy, the Prime Minister will admit they are getting "increasingly concerned" about the world economy. And the pair will say the black hole of debt, causing the potentially explosive credit crunch, could be far worse than expected. It means more banks will be plunged into difficulty because they cannot get money to keep afloat. Savings could be threatened. Advertisement Businesses and families will also find it more difficult to get loans and mortgages. And it will mean firms closing, unemployment rising and property prices falling. Downing Street yesterday said the economy would top the agenda at this week's Anglo-French summit. A spokesman said: "They will call for greater transparency in financial markets. They will call for full and immediate disclosure of the scale of write-offs by banks. "They are increasingly concerned that confidence in financial markets is being affected by uncertainty over the scale of bad debts on banks' books with some estimates putting this at £295billion." Mr Brown believes because the bank debts are undisclosed the lack of knowledge is having a "destabilising" effect on the world economy. He wants banks to be more open rather than have bad news come out in a "piecemeal fashion". Meanwhile, in a major speech Tory leader David Cameron warns the cost of living is on the rise. He will claim the Budget meant an extra £110 of taxes a year for a family.

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