Chancellor George Osborne will today update MPs on the British economy as turmoil continues on the world's stock markets.
The FTSE 100 plunged 3% yesterday amid heavy falls on Wall Street and rumours of a credit rating downgrade for France. However, it is 2% higher in early trading on Thursday. Osborne is expected to underline his commitment to reducing Britain's record budget deficit in light of last week's decision by Standard and Poor's to cut the US's cherished AAA status over fears it cannot repay its debt. MORE... Government borrowing costs tumbled to a record low last night as Britain benefited from its new found ‘safe-haven' status despite fears over the subdued recovery. MORE...
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