Economics / Markets

British banks borrowed more than $1trn (£640bn) from the Federal Reserve during the financial crisis, led by Barclays following its swoop on the US business of Lehman Brothers.

Global stocks are continuing to surge today on expectations the ECB will step up its government bond purchases to ease pressure on the ailing eurozone.

The FTSE 100 was up 1.09% or 60.17 to 5588.44 at 10.20am, shrugging off yesterday's dull showing after concerns over the eurozone debt left the index firmly in the red.

Mervyn King criticised David Cameron and George Osborne for their lack of experience in private conversations with the US Ambassador, new documents have revealed.

First we brought you quantitative easing bears. Now get the lowdown on the Irish bailout, through the eyes of Taiwanese animators. If you are not keen on Irish stereotypes, look away now.

The international rescue package for Ireland has failed to restore confidence in the eurozone debt markets, leading instead to a surge in bond yields across half the currency bloc.

The FTSE edged 0.4% higher to 5,574.98 points in early trading, recovering some of yesterday's 2.1% loss.

The FTSE closed today with triple-digit losses as George Osborne's assertion Britain is out of the financial "danger-zone" failed to lift investors fretting over the euro debt crisis.

Chancellor George Osborne said "Britain is on the mend" and its recovery "on track" as he set out a new blueprint for growth following the OBR's growth projections.

The independent Office for Budget Responsibility (OBR) has raised its estimate for economic growth this year to 1.8% from 1.2%.