Deflation

£50bn cash boost as rates are held

The Bank of England held interest rates unchanged at their record low of 0.5 per cent today but stepped up its programme to boost the economy with injections of new money.

Darling reveals 50% tax rate for high earners

Chancellor Alistair Darling today gambled on a rapid economic recovery to rebuild Britain's battered finances as he revealed that borrowing this year would hit a record £175 billion.

Cameron predicts £1,500 'tax bombshell'

Gordon Brown raised the spectre of deflation yesterday as David Cameron predicted that soaring government borrowing would result in a £1,500 "tax bombshell" for average earners. In fiery Commons exchanges with the Conservative leader, Mr Brown acknowledged for the first time that the world could face the first period of falling prices since the Great Depression of the 1930s. That would risk a recessionary spiral in which people did not spend because they thought prices would fall further, and interest rates could not be cut to stimulate demand once they fell to zero.

Howell he pull it off? Rupert reveals his plans to save ITV

Advertising legend Rupert Howell was hired by Michael Grade to mastermind the commercial future of ITV. Phone-in scandals and the departure of Dawn Airey mean he has a difficult job ahead. He tells Ian Burrell of his plans to save the famous brand