Economics / Markets

The Federal Reserve chairman Ben Bernanke has ramped up pressure on Congress to agree on its debt ceiling level, in light of rating agencies S&P's and Moody's threats to cut the US' AAA debt rating.

The Bank of England made £9.8bn last year on its £200bn "money printing" programme of quantitative easing to prop up the battered UK economy.

Euro inflation held steady at an annual rate of 2.7% in June, according to figures out today.

Ratings agency Moody's has said it may cut the US AAA debt rating, citing the "rising possibility" the US will default on its debt obligations.

Public finances are likely to come under pressure into the next Parliament and beyond as Britain struggles to deal with the cost of social care for its an ageing population, the Office for Budget Responsibility (OBR) has said.

The Treasury has denied the new regulatory structure set to replace the Financial Services Authority (FSA) will clash with European regulation.

Ratings agency Moody's has cut the Republic of Ireland's debt rating to junk status.

UK consumer price inflation fell from 4.5% in May to 4.2% in June despite food prices remaining high.

UPDATE 9am: Global stockmarkets have almost doubled losses seen in early trading on growing concerns the debt crisis in the eurozone may spread to Italy and Spain.

European leaders last night bowed to the inevitable and conceded Greece is likely to default on its massive debt burden, which would be a first among the 17 countries using the euro, according to reports.