By Edmund Conway, Economics Editor
Telegraph 12/07/2006 The City could face a financial meltdown if the debt bubble bursts, with over a year's worth of bank profits - £40bn - potentially being wiped off balance sheets, the Bank of England warns today.
The Bank is issuing a stark warning about the potential damage a credit crunch and a collapse in asset prices could cause to the economy and financial system. It says that a sudden jump in borrowing rates - potentially caused by a further surge in the oil price - could cause a 2pc fall in economic output and wipe out banks' annual profits, estimated this year to top £40bn. In a worse-case scenario, a sharp fall in credit conditions worldwide would have devastating consequences for Britain, the Bank warns. |
By MARTIN CRUTSINGER
AP Economics Writer July 12, 2006 WASHINGTON - America's trade deficit rose in May as the price of imported oil jumped by the largest amount since 1990 in the run-up to the first U.S.-Iraq war.
The Commerce Department reported that the trade imbalance rose by 0.8 percent to $63.8 billion compared to a revised April deficit of $63.3 billion. While the increase was smaller than the 2.5 percent rise that economists had been expecting, it still represented the sixth largest deficit in history. So far this year, the trade deficit is running at an annual rate of $763 billion, 6.5 percent higher than last year's record of $716.7 billion. |
11 Jul 2006
Yahoo News |
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