Britain is facing the “most serious global recession for over 100 years”, Ed Balls, children’s secretary and formerly Gordon Brown’s key economic adviser at the Treasury, warned in a speech, saying the financial crisis could be worse than the Great Depression of the 1930s. The Conservatives said Balls’ admission was “staggering and very worrying”. Brown has accused the Conservatives of “talking the economy down” and last night the PM’s office stressed that Balls was talking about the global economy and the turmoil in the financial sector. Separately the FT reports that data on Monday showed the lowest UK home sales in 30 years.

This entry was posted by Gwen Robinson on Tuesday, February 10th, 2009 at 5:32 and is filed under Capital markets, People. Edit this entry.