Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Downturn 'Worst for 100 Years': UK Minister

Brown ally says current crisis surpasses Great Depression

By Jason Farago, Newser Staff

Posted Feb 10, 2009 5:53 AM CST

(Newser) – The current economic crisis will be the worst in a century, surpassing even the Great Depression, according to Gordon Brown's closest political ally. Ed Balls, a minister sometimes tipped as a future British leader, said that the downturn would be "more extreme and more... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

2 comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

Miami Face-Eater Identified

Chagas Disease the 'New AIDS of the Americas'

Financial Times (UK) (Source Grid »)
Times (UK) (Source Grid »)

Gordon's 'mini-me' makes a big error
First Post

Prime minister hits a 6-month low in the polls
Bloomberg

World • Health • Money

depression • United Kingdom • Gordon Brown • Labour • recession • Britain • recession depression • Ed Balls

More Newser Stories

UK to Tax Bank Bonuses 50%

Any bonus over $40K subject to one-time charge

(NEWSER) - Britain will levy a 50% tax on bank bonuses over $40,800 this year, in an attempt to shore up the nation's finances—and appease angry voters—ahead of the coming election. Alistair Darling slammed banks who paid out hefty bonuses even as Britain remains in recession: "Their priority should be to rebuild their financial strength and to increase their lending," the treasury chief said. "If they insist on paying substantial rewards, I am determined to claw money back for the taxpayer." More»

UK Minister Denies He Bet Governing Party Would Falter

Lord West got 66-1 odds on Labour defeat

(NEWSER) - Lord Alan West, the UK’s colorful security minister, today denied he’d bet on the Labour party’s defeat in the next election, the Times of London reports. The Telegraph yesterday alleged that West placed the bet when Gordon Brown succeeded Tony Blair as prime minister, grabbing 66-1 odds. West refuted that, adding, “I have never placed a bet at all while a minister ever on a political issue.” More»

Desperate Times: UK Mulls 3-Day Week

Gov't may compensate workers to avoid higher cost of mass layoffs

(NEWSER) - Now officially in recession amid the global downturn, the specter of a three-day work week has emerged in Britain, the Independent reports. Though officials say it’s "not imminent," the government has discussed paying firms to cut hours with public cash going toward compensating employees for the lost time. But such a move could hurt already-flagging confidence in the economy. More»

Pound Craters After Latest Grim Stats

British currency falls to $1.56 amid recession fears

(NEWSER) - The British economy shrank by 0.5% last quarter, all but confirming that the UK is in its first recession since 1991, reports the Times of London. The decline is greater than expected, and this week both the prime minister and the head of the Bank of England acknowledged that a recession is likely. The news sent the pound falling, dipping to $1.56 for the first time in five years. More»

Blair Points To Successor

After 10 years at No. 10, PM says he'll pass torch to Brown within weeks

(NEWSER) - As he marked a decade in power, British prime minister Tony Blair said yesterday he'll step down within weeks. Chancellor of the Exchequer Gordon Brown is expected to succeed Blair, who stopped short of officially anointing Brown but told a Labour rally, "In all probability, a Scot will become prime minister of the United Kingdom." More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Downturn 'Worst for 100 Years': UK Minister

Brown ally says current crisis surpasses Great Depression

depression • United Kingdom • Gordon Brown • Labour • recession • Britain • recession depression • Ed Balls

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

UK to Tax Bank Bonuses 50%

Any bonus over $40K subject to one-time charge

UK Minister Denies He Bet Governing Party Would Falter

Lord West got 66-1 odds on Labour defeat

Desperate Times: UK Mulls 3-Day Week

Gov't may compensate workers to avoid higher cost of mass layoffs

Pound Craters After Latest Grim Stats

British currency falls to $1.56 amid recession fears

Blair Points To Successor

After 10 years at No. 10, PM says he'll pass torch to Brown within weeks

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?