Thursday, October 14, 2010

Global Economy In "Grave Danger" of Collapse

Ken Clarke warned today that the world economy was "in grave danger of financial collapse".
Speaking at the Prison Governors' Association's annual conference, the justice secretary said western nations are "not out of the woods yet".
Clarke said: "We have rescued ourselves for the moment from being bracketed with the weaker brethren with doubts about our credit rating and the costs of our borrowing, but if we fail to deliver the kind of programme we have set out we will be back there all too soon if we are not too careful."
"These are difficult circumstances. The events of the next 12 months are going to be quite dramatic."
He said the comprehensive spending review was "quite the most dramatic in living memory" and added: "There's no one alive who remembers a crisis of this kind. We're in grave danger of financial collapse. We're not out of the woods yet. Whatever I manage to get, it won't be what you like."