Economics / Markets

The Bank of England (BoE) today held interest rates at a record low as concerns about sluggish growth outweigh worries over high inflation.

Royal Bank of Scotland (RBS) group chief executive Stephen Hester has admitted the government's implicit subsidy to the industry may have fed into bankers' bonuses.

Citigroup said computer hackers breached the bank's network and accessed data on hundreds of thousands of bank card holders.

Almost 100,000 people have had to take second jobs in the past year to make ends meet, research suggests.

Japan's economy will shrink 0.7% this year because of the massive earthquake and tsunami which struck the country in March, said the IMF.

The German finance minister has described the current Greece bailout as "insufficient" and said a new aid package is needed.

Fears the UK government may undershoot its target to cut the budget deficit could threaten the country's credit rating, Moody's has warned.

Business Secretary Vince Cable has warned banks could be subject to extra tax if they do not increase lending to small and medium sized businesses.

Ben Bernanke, the chairman of the Federal Reserve, said the recovery in the US economy remains "uneven" and growth has been slower than expected.

The IMF has backed the UK government's austerity package despite weaker than expected growth and rocketing inflation.