Papers

Chancellor Alistair Darling is understood to be close to temporarily abandoning the Government's fiscal rules rather than changing them when he presents his pre-Budget report later this autumn, The Independent reports.

Two former Credit Suisse brokers each face a $5m fine and up to 20 years in jail after being charged with fraudulently selling complex US securities to clients in order to boost their commissions, according to The Times.

The Korea Development Bank is said to be negotiating to buy a 25% stake in troubled US investment bank Lehman Brothers but the deal could be blown apart by the emergence of HSBC as a potential bidder, a major Korean newspaper reported today, according...

Sterling tumbled to a record low against the euro yesterday and to its weakest level against the dollar for over two years after Alistair Darling's weekend comments about the economy facing its biggest challenge for 60 years, The Guardian reports.

Alistair Darling's future was in question last night after Whitehall insiders said that he could be involved in an imminent Cabinet reshuffle, The Times reports.

In an unprecedented move, a member of the Bank of England's Monetary Policy Committee (MPC) has criticised the Bank for complacency and "wishful thinking", predicting that two million people will be out of work by Christmas and that house prices will...

Brit Insurance, the Lloyd's of London underwriter, will decide within the next six months whether to move its tax headquarters away from Britain, increasing pressure on the Government to act to stem a potential wave of corporate departures, The Times...

Henderson Group is close to quitting Britain for tax reasons in a move that would send shockwaves through the City and the Treasury, The Telegraph reports.

The economy is facing a period at "least as challenging" as the 1970s, when Britain sank into a deep recession, the deputy governor of the Bank of England, Charles Bean, warned yesterday, The Guardian reports.

Up to 300,000 workers will lose their jobs by 2011, pushing the number of people out of work close to 2m, a leading business group says today, The Times reports.