Independent
"Britain faces an unemployment "bloodbath" in the new year with many tens of thousands of jobs axed in the public and private sectors, according to a cabinet minister."
"The Federation of Small Businesses forecasts that 30,000 small firms could fold in 2009, with the loss of 160,000 jobs. Its spokesman, Stephen Alambritis, said: "It will be a very, very difficult year – there's a foreboding about February and March in particular."
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Telegraph
"Sir John Gieve said the Bank's policy-makers were well aware that dramatic rises in the price of houses and other assets were unsustainable, but still underestimated the danger this posed to the long-term health of the economy."
"Sir John, who is charged with ensuring financial stability and was heavily criticised last year by the Treasury Select Committee for apparently failing to control the Northern Rock crisis, admitted that taxpayers may not get all their money back from the bail-out of the bank and other institutions."
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