Economics / Markets

The national newspapers spared front-page column inches to talk of a 'Credit Crunch 2' on Friday after a global sell-off wiped trillions off the value of equities worldwide.

Royal Bank of Scotland has blamed the European crisis and PPI claims for £1.4bn losses in the first half of 2011.

Updated: The FTSE dropped more than 3% in the first six minutes of trade on Friday as it tracked US and Asian markets sharply lower amid the ongoing global sell-off.

The FTSE is on track to hit its lowest closing level in almost a year amid fresh warnings the eurozone crisis will engulf Italy and Spain.

The Bank of England has held interest rates at their record low of 0.5% amid escalating concerns about the strength of the economy.

The new IMF faces corruption allegations, as the ECB steps in to protect Europe with bond purchases, and Osborne's watchdog sounds the economic alarm….we bring you all the top stories from the nationals.

The top rate of tax could be replaced with a mansion tax or a levy on the richest in society if it is scrapped, according to Vince Cable.

A majority of leading economists polled by the BBC expect interest rates to remain unchanged until next year.

Update (3pm): The Dow Jones dropped 35 points in early US trading on Wednesday after better-than-forcast employment figures had momentarily lifted investor sentiment.

Today's papers are jam-packed with analysis and comment on the US and European debt crises. Here's the best of it...