Darling admits credit crunch will hit UK - papers 5 Oct

He said that the US sub-prime mortgage lending crisis would "undoubtedly" have an impact on Britain's economy, which will probably lead to a reduction in the Treasury's projection of growth between 2.5% and 3% next year. THE BANK OF ENGLAND HAS LENT Northern Rock almost £3bn in emergency funds in the past week, it emerged yesterday, as the stricken mortgage lender continued its struggle to find a new owner, The Times reports. The extra borrowing, shown as increased assets on the Bank of England’s balance sheet, which is published weekly, means that the Tyneside lender has borrowed as muc...