At close of play, the FTSE was down a hefty 8.85 percent – putting it below the 4000 mark, and sealing what has been the worst week for the index since 1987. No.s 10 and 11 will be praying furiously for a change in the tide. As I wrote earlier, the longer this market slump goes on, the more their bailout package will appear to be one colossal waste of public moolah. Problem is, investors are panicking over the prospect of a global recession – and there’s very little Brown and Darling can do to change that.
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