Inflation falls as UK falls into recession

Inflation in Britain has fallen for the first time in 15 months as the economy plunges into recession.

Lower prices of petrol and food in October pushed British consumer prices to their biggest drop since records began.

Inflation fell to an annual rate of 4.5 per cent from its September peak of 5.2 per cent.

Chancellor Alistair Darling has outlined the bank recapitalisation scheme, demanding that banks wanting help present a credible business plan to qualify for taxpayer support.

In an unprecedented move, Barclays, Britain's second biggest bank, has announced that its entire boardroom will put itself up for re-election at a meeting of shareholders in a "back us or sack us" proposal.

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Wed 19th November 2008 - 03:41pm