Credit crunch cost $10trn worldwide; UK to suffer most

IMF research also suggests the UK will suffer one of the worst budget deficits in the developed world following its huge bailout programme. The bulk of spending, around $9.2trn, has come from the major developed economies, while an additional $1.6bn has been stumped up by developing countries. Much of the costs have come from guarantees and loans, though almost $2trn has already been spent up-front. The overall budget deficit across the G20's rich countries is expected to hit 10.2% in 2009, the worst since World War II, but Britain is expected to fare particularly badly. By the ...