Papers say UK slowdown fails to halt spending - Friday 1 June

Exuberant British consumers have brushed aside fears of economic downturn to embark on a record-breaking borrowing spree, the Times reports. A £1.7 billion surge in net consumer credit in April was double March's increase and marked the largest rise since the Bank of England's current records began in 1993. Shares in Allianz, the German insurer, rose sharply yesterday as it finally unveiled terms for its 23 billion (£13 billion) takeover of Dresdner Bank, promising E1bn in merger benefits, adds the Times. Investors reacted favourably to the greater than expected cost savings and...