Britain is facing the steepest recession in modern history, Mervyn King, the Bank of England Governor, declared as it laid bare the full extent of the damage wrought by the financial crisis. The economy will take longer to recover from this recession than it did in previous economic slumps and it will take "several years" before banks are lending normally to households and businesses, Mr King said - The Telegraph
The Bank of England on Wednesday delivered a more robust forecast for the UK economy over the rest of this year and into 2010, even as it warned that the recovery was likely to be "slow and protracted" - Financial Times
Fewer children are drinking but those who do are consuming more than ever before, a charity has warned. Alcohol Concern said the number of under-18s admitted to hospital has risen, and more have liver disease - BBC
A father and son are due to appear in court charged with murder after a man was stabbed in a pub beer garden. David Stevenson, 28, was injured at the New Inn in Sutton, south London, on Sunday and died later in hospital. Anthony Cooper, 56, and his son Lee Cooper, 25, who are bothliev in, Wallington, south London, will appear at Croydon Magistrates' Court - Press Association
Germany and France on Thursday delivered a boost to hopes that the eurozone is clawing its way back from recession as the region's largest members said their economies grew in the second quarter after shrinking for a year - Financial Times