Black Tuesday as FTSE plummets, bank shares tumble and Britain faces recession ‘within months’

Becky Barrow, Niall Firth and Nicola Boden
UK Daily Mail
Tuesday, July 8, 2008

Britain was facing a deepening economic crisis today as the FTSE plunged into a so-called ‘bear market’ for the first time in five years and a series of reports laid bare the full extent of the problems facing the nation’s economy.

In a Black Tuesday for the stock market, shares fell across the board while a gloomy new report warned that a recession could be on its way within a matter of months.

A separate report from accountants KPMG shows the number of permanent job vacancies fell in June for the first time in five years.

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In its report, the British Chambers of Commerce describes Britain’s economic outlook as ‘grim’ and warns the UK could slide into a recession within months.

It says it has uncovered evidence of a ‘menacing deterioration’ in the economic outlook.

In further bad news for the economy, shares in struggling bank Bradford and Bingley plunged 25 per cent to just 30p at one stage this morning.

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