euro

The European Central Bank has deemed Britain unfit for monetary union even if it wants to join following the dramatic slide in sterling and the explosion in the UK budget deficit, reports The Telegraph.

Euro interest rates have been cut to 2.5% after the European Central Bank (ECB) made the biggest single cut in its ten-year history.

The Eurozone has officially entered a recession after the 15-nation area suffered two consecutive quarters of negative economic growth.

The European Central Bank (ECB) has cut Eurozone interest rates to 3.25% to stave off the risk of recession.

The European Central Bank (ECB) has kept interest rates stable at 4.25% despite growing pressure for a rate cut.

Sterling has sunk to a two-year low against the dollar as traders bet the Bank of England might be the only central bank to cut interest rates in 2008.

Negative economic growth in some of Europe's largest economies has prompted fears the Eurozone group may go into recession.

The pound hit at an all-time low against the euro earlier this afternoon, falling to 75.86p per euro.

The pound's slide has gathered pace, pushing the UK currency to its weakest level in well over four years and to an all-time low against the euro, The Telegraph reports.

The TUC has put directors pay on the agenda again after noting the growth rate in income differntials are speeding up, reports The Times .