Review of 2008 - Part One

January Although the mortgage market was deep into a US-driven slump that would last all year, the UK economy and the financial services industry saw in 2008 with a degree of optimism. The FTSE was healthy, the economy buoyant, and every high street bank, bar Northern Rock, looked to be in good shape. But January was a sign of things to come for the financial markets. While London's blue-chip index began the month at the 6,400 mark, it ended it almost 600 points lower at 5,830. Elsewhere, the under-fire mortgage market's troubles looked set to worsen. As well as forecasts of more de...