MSN Money (US): The trap Bernanke can't escape Caught between rising inflation and a slowing economy, the new Fed chairman needs to be tough and tight if he hopes to gain credibility. He's not up to the task.

Independent: Forget the Greenspan model, Bernanke's first challenge is to become boring Ben Ben Bernanke is certainly the man of the moment. Doubtless, Alan Greenspan will receive many glowing accolades in the coming months. And, doubtless, Mr Greenspan will hang on to the reins of American - indeed, global - monetary power until his time is finally up at the end of January.

MSNBC.com: Reality Check on the Fed - Newsweek Business We all like to believe that there's an all-knowing, all-powerful force looking after us. No, I'm not talking about organized religion and God. I'm talking about the widespread belief that an all-powerful Federal Reserve Board controls interest rates and inflation, and is looking out for each and every one of us.

SKY News: Christmas Party Poopers Most bosses are cancelling office Christmas parties this year because of the cost, a new report claims.

ThisisMoney: Thousands of firms holed by slowdown THE big consumer slowdown has driven thousands of British companies to the brink of insolvency, a new report reveals today. Figures from business rescue and restructuring specialists Begbies Traynor show 6946 companies ran into 'critical' financial problems in the third quarter, a 20% increase on the same period last year.

ThisisMoney: Clinton Cards sees red after Birthdays buy IT was a red letter day of the wrong sort for Clinton Cards today, as the greetings card retailer swung into losses in its first half. Last year's £46m acquisition of rival Birthdays has taken longer to bed down than expected, as both chains were hit by the slowdown on the High Street.

ThisisMoney: Councils fail to collect £589m COUNCIL tax bills could be slashed if local authorities had not failed to collect nearly £600million in unpaid bills, union leaders will claim today.Researchers at the GMB found a record £589m - about 3% of the £21bn paid in council tax annually - was not collected last year. The worst offender was Birmingham, which failed to pick up £11.8m, followed by Croydon, Manchester and Hackney.

TimesOnline: New law to add £1,000 to house sellers' bill Anyone selling a house will have to spend up to £1,000 providing an information pack for buyers as part of a shake-up of the housing market to be published by the Government today. The Times has learnt that John Prescott will finally publish draft laws creating home information packs (HIPs), amid mounting concern that the measures will destablise the housing market and increase significantly the costs of moving. The Government maintains that its plans will reduce the cost of buying a house, particularly helping first-time buyers.

Independent: Output hits two-year low, CBI warns Output from UK factories has hit its lowest level for two years while rising energy costs are squeezing their profit margins, the CBI said today. Small- and medium-sized manufacturers (SMEs) reported the third consecutive quarterly fall over the three months to October, according to a survey of almost 700 companies.

BBC NEWS | Business | UK economy 'stronger in New Year' UK businesses are set to prosper during the New Year, after having weathered the storm of a consumer downturn and rising oil prices, a report suggests.

ThisisMoney: Bankruptcies 'hit record levels' Bankruptcies are heading for record levels this year as thousands of people choose to go bust rather than face spiralling debts.Official figures this week are expected to show a staggering rise in personal insolvencies, triggered not just by creditors, but by the individuals taking advantage of more liberal bankruptcy laws.One source close to the insolvency profession said: 'There were just under 36,000 bankruptcy orders made in England and Wales last year. The figure is likely to be 46,000 for this year.'

thebusinessonline.com: General Motors in crisis as its car sales plummet: General Motors will this week reveal that sales collapsed in October, taking its US market share to a 25-year low and fuelling fresh fears that the world's largest carmaker is heading towards bankruptcy. Its US sales dropped 26%.

Independent Online Edition > Invest & Save The number of repossession applications in the three months to the end of September stood at nearly 30,000 - a rise of 55 per cent on the same period last year.

The Observer | More firms go under as growth falters Britain's lacklustre economic performance is claiming a growing number of corporate casualties, with insolvencies up more than 20 per cent over the past year, according to new research.

Low rents deflate the buy-to-let bubble - Newspaper Edition - Times Online Potential investors are steering clear of the rental market as returns fall to their lowest level for three years

Independent: Advisers fear Brown tax clampdown Accountants and lawyers fear that Gordon Brown will use his pre-Budget report to introduce tough new penalties for devising tax avoidance schemes that the Government perceives to be unacceptable. The expectation that new penalties are on the way has increased after public statements from senior officials indicating that the Government intends to take determined action to stamp out avoidance.

BBC NEWS | Wales | Fear as glass firm loses 400 jobs Concerns have been expressed about the future of manufacturing in Wales after news of 400 job cuts in Cardiff. Nippon Electric Glass (UK) Limited is closing as demand for products - like glass for TV sets - has fallen.

Telegraph: alarming spike in repossessions before the housing bubble bursts If your neighbour's home is repossessed by the mortgage lender, it's a bit of a recession in the housing market. If you lose yours, it's a crisis.

Scotsman.com: Endowment options could help plug the mortgage gap Millions of endowment mortgage holders were once dreaming of paying off their home loan with ease. Now, those whose policies are set to repay their mortgage in full are few and far between.

Los Angeles Times: The ambush waiting for Bernanke Most Fed chairmen are blindsided early on in their tenure. Alan Greenspan faced a stock market crash two months after he took over in August 1987. Paul Volcker had to cope with a rout in the bond market three months after he became chairman in August 1979. G. William Miller was challenged immediately by a dollar crisis in the spring of 1978. For Arthur Burns, it was the inflation bogie in the early 1970s.

Independent: Fixed-rate mortgage costs set to rise Leading mortgage advisers yesterday advised homeowners to sign up for the cheapest fixed-rate home loans before they are withdrawn.

Reserve Bank of New Zealand: Reserve Bank increases OCR to 7.00 per cent Reserve Bank Governor Alan Bollard said: "As noted in our September Monetary Policy Statement, medium term inflation risks remain strong.

Guardian Unlimited - Hawkish ECB hints at pre-emptive rate rises Leading members of the European Central Bank yesterday warned that it could soon raise interest rates for the first time in five years to combat rising inflation and stifle credit growth. An increase could come as early as December.

Reuters: Interest rates likely to rise Interest rates are more likely to rise than fall because inflation is set to remain above target for several years, a leading think tank said on Friday. The National Institute of Economic and Social Research also said while higher revenues are set to improve public finances in the near term, taxes will have to rise or spending be cut to correct a structural deficit.

TimesOnline: Next interest rate change will be up says think-tank THE next move in interest rates is likely to be up, a leading economics think-tank said yesterday as it presented a disheartening forecast of weak growth and rising inflation. The National Institute of Economic and Social Research (NIESR) poured cold water on Gordon Brown’s optimistic growth projections and on the view in the City that rates will fall further. The institute forecast that growth would hit 1.7 per cent this year — half the Chancellor’s original prediction and the worst growth in more than a decade, and down from 3.2 per cent last year.

Guardian: London revealed as Britain's worst employment blackspot While it is commonly thought that Britain suffers a north-south divide, with much of the country's prosperity centred on London and the south-east, the true picture is surprisingly different as the capital actually has the lowest employment rate of any part of Britain.

Guardian: Brown faces £10bn black hole and economic slowdown, warns thinktank Gordon Brown's economic predictions were dealt another blow yesterday when a leading thinktank forecast a £10bn black hole in public finances and said economic growth this year would be the weakest for 10 years.

Council of Mortgage Lenders: A year of mortgage regulation - what's changed? A year after the introduction of statutory FSA regulation, the regulator is due to begin a review of how the new rules are working in practice. The CML has today published an article reviewing the transition to the regulated environment, in which it argues that the costs of regulation have greatly exceeded the original estimate and that the jury is still out on whether the anticipated benefits have been achieved.

BBC News: US growth still solid, OECD says The US economy is continuing to grow at a solid - albeit slower - pace, the Organisation for Economic Co-operation and Development said in a report.

Reuters.co.uk: Next interest rate move more likely to be a rise Interest rates are more likely to rise than fall because inflation is set to remain above target for several years, a leading think tank said on Friday.

Motley Fool: Real Estate Bubble? You Bet! Consider these bubble indicators... Who will get hurt?... Why will the end be so bad?... What should you do?...

Wharton School: Attention, Speculators: Here's a Lesson from Hong Kong's Housing Bubble What causes such bubbles? Is there a way of spotting them while the bubble is actually being formed -- rather than after the fact? A new research paper that examines volatility in Hong Kong's residential market between 1992 and 1997 offers interesting insights into these questions.

BBC: Employees unhappy over pay levels Nearly half of all employees are unhappy with their pay, a survey of 4,000 workers suggests.

BBC: US jobs go in wake of hurricanes The number of people who have lost their jobs in the US as a result of recent hurricanes has topped 500,000.

Reuters: Pensions-led property buying spree unlikely New rules that allow people to put residential property into their pensions and gain tax breaks are unlikely to lead to a "mad rush" to buy second homes, The Royal Institution of Chartered Surveyors (RICS) said on Thursday.

FT: Growth in world trade slows from 9% to 6.5% Growth in world trade has slowed in 2005 and will probably recover only modestly next year as higher oil prices bite into consumers’ incomes, the World Trade Organisation said on Thursday.

This Is Money: Boss of Unwins resigns on financial woes His exit has emerged at a difficult time for the group. Some stores in the 381-strong chain are understood to have just 25% of normal stock levels following problems with suppliers. Meanwhile managers have been told not to bank their takings, but to wait until they are collected by the firm's accountants.

This Is Money: Eurotunnel misses its own loans deadline FEARS for the future of Eurotunnel were piling up today as the loss-making, debt-laden Channel Tunnel operator missed its own deadline for a rescue restructuring plan.

Money Week: The US Consumer and Katrina While gasoline prices have eased a bit as initial panic dies down and excess driving is curtailed, there is another psychological bogeyman waiting in the closet: natural gas.

Money Week: The Invisible Consumer According to official data from the ONS, the seasonally adjusted volume of retail sales increased by 1.9 per cent in the first half of this year, reaching an annual rate of £246.1 bn. The failure of the figures to account for the explosion in internet sales, however, implies that the true figure may stand at up to 3.3 per cent - far higher than the official estimate.

Money Week: The misery of Gordon Brown There’s a real sign-of the-times posting on online auction site Ebay this week. Someone is selling everything he owns. “I wish I didn’t have to do this,” he says, “but I have got into quite a lot of debt and I need a fresh start so I can plan to get my own home and leave my parents’ house… so I am selling EVERYTHING, yes EVERYTHING, I own in one single auction.”

Money Week: Into the red with Brown Not so long ago, most commentators were impressed with Gordon Brown’s handling of the economy. Now, the economy is struggling. Just how much of this is down to Brown?

Money Week: Retailers struggle to survive A few weeks ago, a friend of ours bought a sofa. The furniture firm was thrilled. So thrilled that as a reward for handing over her cash, they gave her an armchair and a stool to go with it for free. This has to tell us something about the state of the market, she told us

Money Week: The return of the prefab - but this time it's "cool" Low-paid workers, first-time buyers and young families currently face a dearth of affordable housing in the UK. The Daily Express calls the situation a “crisis”. Yet no one seems to be able to think of a reasonable solution. However, there is one. This is a problem Britain has faced, and solved, before.

BBC News: 'High price' of doorstep lending Consumers pay a "high price" for the convenience of home credit, according to the Competition Commission.

ThisisMoney: Boots profits down 10%BOOTS today unveiled the full extent of its trading woes as it reported a near-10% slump in profits for the first half of the year. Although part of the decline reflected chief executive Richard Baker's £190m investment in store refits and new openings during the period - £45m more than last year - Baker admitted much of the problem was down to shoppers' reluctance to spend.

Telegraph: Factories sink back into gloom Manufacturing has slumped back into the gloom of the first three months of the year, the CBI said yesterday, quashing hopes of a recovery.In its quarterly survey of the sector, the employers' body said the proportion of manufacturers who expected to step up production at their factories had fallen to +2pc in October from +6pc in September.

Guardian: CBI predicts further 24,000 job losses in factories There was further gloom for Britain's economic outlook yesterday when the country's leading employers' organisation predicted thousands of job losses amid sharp falls in manufacturing output and demand.
The quarterly industrial trends survey by the CBI found that factory orders for domestic and export markets fell faster than expected in the last three months. A third of the 700 firms surveyed said the volume of new orders fell in the third quarter, compared with a fifth reporting an increase. The balance of -14% made the results the worst since April.

Reuters: Factory orders fall slowsFactory orders fell in October, but at a slightly slower pace, while manufacturers' optimism about their general business situation declined further, an industry survey showed on Wednesday. The Confederation of British Industry said its monthly manufacturing order books balance rose to -25 in October from -27 in September, exactly as predicted by economists. The CBI also said its quarterly business situation balance fell to -21 in October from -16 in July.

ThisisMoney: Home repossessions rocket THE number of orders for homes to be repossessed has rocketed by more than 50% as borrowers struggle to cope with mounting consumer debts.Figures from the Department for Constitutional Affairs showed that just under 30,000 mortgage possession applications were made in the courts by lenders in the three months to the end of September. This is a 55% increase on the same period in 2004 and highlights the growing problem consumers are facing in meeting monthly repayments.

BBC News: More homeowners in debt trouble The number of mortgage possession orders applied for in the courts reached nearly 30,000 during the third quarter of 2005, official figures show.

Reuters: Economy set for bumpier ride - King The Bank of England cannot fine-tune the economy and anyway targets inflation, not growth, Governor Mervyn King said on Tuesday, boosting expectations the central bank is not poised to cut interest rates again. In testimony to a parliamentary committee, King said the economy appeared to be on course for a bumpier ride over the coming years after the remarkable stability of the last few.

Reuters: Egg quarterly bad debt rises Internet bank Egg (EGG.L: Quote, Profile, Research) said on Wednesday an improvement in bad debts this year would be less than it had previously expected, as its majority owner Prudential (PRU.L: Quote, Profile, Research) committed to keeping its 79 percent holding, and possibly retaking full control. Egg said its charge for bad loans rose to 60 million pounds in the third quarter, up from 47.1 million a year ago and 58.3 million in the previous quarter.

Reuters: Airbus to outsource more outside Europe - European aircraft maker Airbus said on Wednesday it would eventually source about half of its components from suppliers outside Europe, double the current level, as a way to boost its global reach and cut costs. The company will outsource more manufacturing to non-European markets including China and Russia, as well as Japan, a country long dominated by U.S. rival Boeing Co., Airbus Chief Executive Gustav Humbert said at an Airbus forum in Tokyo.

ThisisMoney: Abbey closes Indian call centres A HIGH Street bank is to shut down its call centres in India and bring 1,000 jobs back to Britain. Abbey's retreat from India was prompted by complaints from customers. The former building society, previously known as Abbey National, was one of a wave of companies which jumped on a bandwagon of exporting jobs to India. It is the first to reverse the move.

Guardian: Bank governor dashes hopes of rate cut to boost growth The Bank of England governor, Mervyn King, moved to quell any lingering hopes of an interest rate cut arriving next month by emphasising that the Bank is targeting inflation, not overall growth or retail sales. Figures last week showed inflation at its highest level since 1996 on rising oil prices while growth remained below its long-term average and retail sales stayed sluggish.

TimesOnline: Homeowners may be mis-sold equity plans FEARS are growing that thousands of older homeowners could be mis-sold schemes allowing them to cash in the equity in their property, as new figures show that the burgeoning equity release market has topped £5 billion. Sales of unregulated home reversion schemes — a type of equity release — are set to increase this year, according to figures from Key Retirement Solutions, an independent financial adviser. Lifetime mortgages, a popular alternative form of equity release, are policed by the City watchdog.

BBC NEWS | Business | People 'lack mortgage knowledge' Many consumers have trouble understanding how mortgages work and are baffled by lenders' jargon, a survey has suggested. Nearly six out of 10 consumers said they did not know what APR (annual percentage rate) stood for.

GoldSeek: Housing problems Tactical Investor If you are adventurous the best thing to do now is to sell and rent. In fact renting is the best investment in the real estate sector now... In Britain they are trying to hide the year long slow fall in housing prices by stating that in the month of September housing prices declined at the slowest pace since Sept 2004. If prices are falling there is nothing positive about it no matter how it’s spun; someone is losing money and that’s all there is to it.

Detroit News: Case exposes rampant mortgage fraud "Mortgage fraud is a very serious problem here in Michigan and nationally," said assistant U.S. attorney Karen Reynolds, who is handling the prosecution of the cases.

CNN: The king of real estate's cashing out Tom Barrack, arguably the world's greatest real estate investor, is methodically selling off his U.S. real estate holdings as prices drive the market to nosebleed levels.

Herald Tribune: More homes on the market "Realtors are the last to say anything negative."

My Finances: Oversupply pushes house prices lower Hometrack adds that measuring sales data - which the other surveys rely on - rather misses the point. By looking at places where properties are being bought and sold, the surveys only take account of a small section of the market. Moreover, areas of the country that are still busy, where prices are rising, will naturally outweigh places where few deals are being done as the market is falling. This means survey results are naturally too high. Additionally, Hometrack points out that there is currently an all-time low in first-time buyers. With this section of the market not being accounted for, the figures that are being recorded are for people moving for the second, third, and fourth times - and therefore into more expensive properties.

My Finances: Move fast for a cheap fixed-rate mortgage People looking to take out a cheap fixed-rate mortgage need to move fast - or be prepared to wait for months, new figures suggest.

Market Watch (US): Pleased, but still bearish Investment newsletter editors on the whole were pleased by President Bush's nomination Monday of Ben Bernanke to be Federal Reserve Chairman Alan Greenspan's successor. Yet their pleasure was not so great as to convince any of the bearish among them to turn bullish.

MSN Money (US): 3 big trends will haunt Bernanke The new Fed chief will take over with the housing market cooling, the cheap-money era ending and inflation on the rise. And he won't have Greenspan's clout to help deal with it.

Reuters: Economy set for bumpier ride-King The Bank of England cannot fine-tune the economy and anyway targets inflation, not growth, Governor Mervyn King said on Tuesday, boosting expectations the central bank is not poised to cut interest rates again. In testimony to a parliamentary committee, King said the economy appeared to be on course for a bumpier ride over the coming years after the remarkable stability of the last few. "The idea that the MPC can fine-tune the economy and can in fact ensure that the economy always seems to grow at some fixed rate every quarter is absolutely imaginary," he said.

Channel 4: Jobs to go as Marconi agrees deal Once-mighty telecoms firm Marconi took its final steps after one of the best-known names in UK industry agreed to sell most of its assets.

Channel 4: Discounts fail to lift carpet sales Retail group Carpetright said sales remained depressed after deep discounts on its floor coverings failed to wake UK consumers from their slumber.

This Is Money: Protection against rogue agents HOME buyers and sellers could be in line for greater consumer protection under plans to form an all-encompassing ombudsman system.

BBC: Whitbread profits up but jobs go Hotels and leisure group Whitbread is cutting 250 jobs despite reporting an 11% rise in interim profits.

BBC: Steel producer to shed 670 jobs One of Sheffield's largest stainless steel producers has announced it is to make almost 700 workers redundant.

BBC: Company failures rate 'to grow' More than half of UK businesses expect company insolvencies to accelerate over the next year, according to a survey by PricewaterhouseCoopers.

BBC News: US consumers in deepening gloom US consumer confidence has fallen to its lowest level in two years, according to the latest survey by the Conference Board research group.

Bloomberg: Greenspan Visits Scene of Fed's China Crime The trip did offer the Fed chairman a chance to visit the scene of what history may show to be one of his biggest blunders: China's asset bubble.

MSN Money (USA): Market's confusing, but the big trend is down The market's reactions to earnings news so far have been random -- a treacherous environment for any investor. But I still see stocks headed lower in the long run.

Independent: World economy's eggs all in US consumers' basket Eggs and baskets. We all know the story. We know that, ideally, we need to spread our risks a little. Placing all our bets on just one number on the roulette wheel that makes up economic life might - just might - bring untold rewards. More likely, though, we'll end up in state of impoverishment.

Morgan Stanley - Stephen Roach: Tough flying conditions Not surprisingly, an unbalanced global economy is struggling under the weight of the energy shock of 2005. This has not been lost on world financial markets. Stock markets have sagged on the fear of demand risk and bond markets have backed up as central banks sound the alarm over incipient inflation.

Reuters: Fed officials say more rate hikes ahead A chorus of Federal Reserve officials said on Wednesday U.S. interest rates needed to rise further to keep inflation at bay, but how much further would depend on shifting and uncertain economic winds.

NAEA: First Time Buyers Gain Confidence Moving Into Autumn The latest figures from the National Association of Estate Agents (NAEA) have revealed that first time buyers are slowly returning to the market this autumn.

BBC: Iraqi oil exports grind to a halt Oil exports from Iraq have been completely halted by a combination of attacks and bad weather, reports say.

BBC: Shelter urges action on housing Shelter has called for more affordable family-sized housing after a survey on the extent of overcrowding in England.

BBC News: BP workers strike over pensions Some tanker drivers at BP are planning to stage a five-day strike in a dispute over pensions, it has been announced.

FT.Com: House prices fall for 16th month House prices fell for the 16th month in a row in October according to Hometrack, the property website. The average house price slipped 0.1 per cent to £160,700, compared with a peak of £167,700 in June 2004. Prices have now fallen by 3.5 per cent in the past 12 months. However, although prices continued to drop there was a pick-up in activity in October.

Reuters: House price decline slowed in October -Hometrack House prices in England and Wales continued to fall in October, albeit at a slightly slower rate than in the previous month, a survey showed on Monday. Research company Hometrack said its measure of average house prices based on agreed sales reported by estate agents showed a decline of 3.5 percent year-on-year in October, a slight easing from a 3.7 percent drop reported in September.

ThisisMoney: Whitbread axes 150 to fend off predators LEISURE group Whitbread is expected to lay off about 150 head office staff this week as part of a drive to save costs and deter venture capital predators. The owner of Premier Travel Inn, David Lloyd Leisure and Costa Coffee will tell shareholders it is likely to beat its savings target of £30m a year.

Guardian: The answer is not written in the wind Remember the three-day week? It was such a long time ago that Tony Blair was an Oxford undergraduate and the Tory Tony Blair - David Cameron - was seven. Industry, though, is worried that we could be heading right back to 1973-74 because a tough winter will lead to such severe shortages of power that the only way the government will be able to ensure the public keeps warm is by pulling the plug on business.

BBC NEWS | Business | Bumpy road for UK company profits The number of firms in the UK warning that their performance would fall short of forecasts has shot up, research by auditors Ernst & Young (E&Y) says.

NEWS.com.au: Housing market won't 'burst' Australia's residential property market remains on track for a soft landing and is unlikely to experience a sharp price correction, a leading ratings agency said.

firstrung.com: Spin and the Tipping Point Comparing the similarities on how movements in property values were reported during the last house price recession and currently, is both fascinating and revealing.

This is Money: Abbey cost-squeeze puts more jobs on line STAFF at Abbey are bracing themselves for thousands more lay-offs on top of 4,000 job losses already imposed this year. Analysts predicted up to 2,500 more staff could be axed to meet ambitious targets set by the bank's Spanish owner, Banco Santander.

Teelgraph: It sounds too good to be true... But is it? The great Sipps giveaway From next April, individuals can hold residential property within their personal pension plan. Could this trigger a boom, as investors take advantage of the generous tax breaks?

This is Money: Home repossessions soar Home repossessions are increasing sharply as more borrowers default in the face of mounting consumer debt. Figures suggest that the strain is starting to tell on overborrowed households despite low interest rates.

Telegraph: Are we on the roller coaster or is it the slide?Last Wednesday the UK stockmarket experienced its largest one-day fall this year. As the mood on the economy darkens, are we about to be hit by a bout of stockmarket weakness?

TimesOnline: Inflation on the horizon? No, it's only a mirage LIKE migrating birds (with or without flu) or the autumn leaves dropping from the trees, some things come round with monotonous regularity. One of them, to lurch into economics, is the warning that inflation is about to take off. If I had a pound for every time somebody has sat me down and said in deadly earnest that inflation was about to return with a vengeance, I would have retired rich by now.

TimesOnline: Profit warnings worst since 9/11 PROFIT WARNINGS by British companies hit their highest level last month since the September 11 attacks on America four years ago, according to new figures from Ernst & Young. They show that 46 quoted companies issued warnings last month, the highest for a single month since November 2001. For the third quarter as a whole there were 103 such warnings, an increase of 39% on the corresponding period of 2004.

Guardian: Tax avoiders on the run from Brown Less than 18 months after Gordon Brown declared war on tax avoidance, multinational companies and high earners - from Arsenal footballers to City traders - are starting to feel the pinch.

The Observer: High street's low point still to come Anyone who has walked down the high street recently will not be surprised that clothing prices have fallen by 5.4 per cent: in the middle of the peak autumn buying season, there are 'sale' signs in many shop windows.

FT.com - Markets torn between profits and inflation: The world's stock markets are caught in a tug-of-war between strong corporate earnings on the one hand and deepening concerns over inflation on the other. This week shares fell back and there was a matching correction in the bond market as inflation fears dominated.

BBC NEWS | UK property price divide narrows Banking group Halifax found that, while prices fell in parts of southern England, other areas saw property price growth of more than a third

ThisisMoney: Thanks for the mortgage, Dad A THIRD of the current crop of 10-year-olds will not be able to buy a home by the time they reach 30, according to the Government. The Office of the Deputy Prime Minister says there are simply not enough houses being built to meet demand and that future generations will be priced out of the market.

TimesOnline: Rates set to stay on hold despite UK growth slowdown THE economy stumbled in the third quarter as steep drops in output from the North Sea and utilities hit growth. But the slowdown was less severe than feared, leaving the City almost certain that interest rates will stay on hold next month. In better than expected GDP estimates, growth slowed to 0.4 per cent in the three months to September, edging down from 0.5 per cent in the second quarter.

Telegraph | The clock ticks on economic collapse Investors would likely shun equities and corporate bonds in preference for government bonds and cash. Although economic activity would slump, inflation might well soar due to the interruption of supplies and loss of production."

Newstatesman.com: The debt pandemic Between us we owe £1 trillion and we can't afford the repayments. British consumers have a serious dose of borrowing sickness and, as Liam Halligan warns, it may be fatal to the economy. Gordon Brown used to say Britain's economy was in its best shape for 200 years. The Chancellor no longer makes that claim. The reason is that the UK is growing at its slowest rate for 12 years. And that is largely because consumers - until very recently the driving forces of the economy - are buried under mountains of debt.

Times: Just what is going on with the housing market? It is one question that we all think — or maybe hope — we know the answer to, but it is also the question that is vexing every homeowner, hopeful homeowner, economist, estate agent and investor in the country. What is going on with the housing market?

Independent: UK shares suffer biggest fall for 17 months The London stock market suffered its worst fall in 17 months yesterday as a warning by the Bank of England over soaring oil prices added to mounting fears of higher interest rates to tackle a rebound in inflation.

Independent: Chancellor is closer to hitting his 'golden rule' A strong rise in tax receipts last month put Gordon Brown closer to hitting his "golden rule" to balance the public finances, but did little to assuage concerns he will need to raise taxes to fill a "black hole" in his coffers.

Independent: Ford prepares fresh round of cost cutting as losses mount Ford Motor revealed yesterday that it lost $15m (£8m) a day at its core north American division in its third quarter and said it would announce a new round of plant closures and cost reductions in January to try to revive its business.

Guardian: House buyers and shoppers dampen hopes of rate cut The prospects of a pre-Christmas cut in interest rates receded sharply yesterday amid evidence of a pick-up in demand for mortgages and the willingness of bargain-hungry consumers to be lured back into the shops. Although data out today is likely to show the economy as a whole grew only modestly in the third quarter of the year, even the most downbeat of City analysts was saying last night that the Bank of England was likely to act cautiously at its rate-setting meeting early next month.

Dallas Morning News: Listen for that giant popping sound Here's what we do know on a national level, care of Merrill Lynch chief economist David Rosenberg.

Reuters: Economists see US housing near peak, eye slowdown Rebuilding after Hurricane Katrina should boost an already hot U.S. housing market, but it will only delay an eventual cooling that could bring a significant slowdown in the rate of home price appreciation and dent consumer spending, economists said

Channel 4: Shares tumble amid inflation fears London's leading shares fell sharply into the red as fears over inflation hit markets across the world. The FTSE 100 Index slumped 63 points to 5200.9 - leaving it on track for its weakest close in three months.

Channel 4: Shoppers 'plan a leaner Christmas' Britons are heading for a lean Christmas this year as they plan to tighten their belts and cut back on credit card spending, research shows.

This is Money: HoF chief warns of retail collapse BRITAIN is set for a series of large shopping chain collapses, the head of one of the country's biggest department store groups has warned.

Reuters: Big rise in mortgage lending "Even so, we remain sceptical that house prices are about to move significantly higher on a sustained basis. The survey evidence generally suggests that the more realistic pricing by sellers has been a key factor in lifting buyer interest and boosting housing market activity,"

Reuters: Markets over anticipated policy - BoE's Lambert Futures markets had been pricing as many as three rate cuts before the August decision and Lambert's comments are likely to dent further expectations the central bank is poised to cut borrowing costs again... Lambert also said that the MPC would become concerned if high oil prices started causing second-round effects.

Reuters: Retail sales leap expectations Retail sales rose at more than twice the expected rate in September, denting expectations of further Bank of England interest rate cuts.

Reuters: Potential for 2,500 more Abbey job cuts - analysts Another 2,500 jobs could be cut at mortgage bank Abbey National over the next two years as its Spanish owner seeks more cost savings following last year's 8 billion pound takeover, analysts said. Santander (SAN.MC: Quote, Profile, Research) planned to cut 3,000 jobs at Abbey following the takeover and raised that number to 4,000 in May. Banking analysts said that figure could rise to 6,500 by the end of 2007 -- more than double its original pledge and representing about a quarter of Abbey's 26,000 workforce at the time of the takeover.

ThisisLondon: 900 jobs go at Eurotunnel Eurotunnel has announced 900 job cuts as it fought competition from low-cost airlines and ferries. The Channel Tunnel operator said the cuts would come through voluntary redundancies in the UK and France.

Money Week: Is the MPC sleeping on its watch? Nickell listed many bearish quotes from property and economy bears while comforting his audience that house prices are still higher than a year ago. The fact that real house prices are already negative and that a year ago house prices had been growing by 20% wasn’t mentioned: complacency is not one of the attributes I want my central bankers to exhibit.

CumbriaOnline: JOB LOSSES SPELL ECONOMIC GLOOM FOR COUNTY FIVE thousand jobs have been lost in Cumbria in the last two years, new figures show. And experts say there is no sign of a turnaround because more job cuts are on the way. West Cumbria has been badly affected with 500 jobs going at Sellafield alone. David Brockbank, chairman of Cumbria Vision, the new agency that aims to regenerate the county’s economy, greeted the findings with dismay. “It is very disappointing,” he said. “I really feel for people who are in the predicament of having lost their job.”

Sky News: Higher Debts Fuel Tax Fears The chances of taxes rising to fill a hole in the UK's public finances have grown further. Public sector net borrowing - the amount the Treasury borrows - hit £5.2bn in September.

The Motley Fool UK: A Recent History Of House Prices This year is shaping up to be one of the most interesting in recent history for homeowners and property investors. After a long winning streak, the housing market is slowing down, and the rug may already have been pulled from under it.

BBC News: Ford makes loss after sales slump US car giant Ford Motor has reported a third-quarter loss of $284m (£160.8m) after a sales slump, as motorists shun gas-guzzling sport utility vehicles.

BBC News: High Street sales remain subdued UK High Street sales remain subdued, figures from the Office of National Statistics (ONS) show.

This is Money: Equity release gets cheaper The cost of boosting your income in retirement by releasing equity in your home is tumbling as competition hots up.

Guardian: EU unemployment falls The European Union, widely seen as an unemployment blackspot, is finally creating more jobs, with its employment rate rising last year for the first time in three years, a new report showed yesterday.

BBC News: Bank of England faces policy headache What should the Bank of England be worried about? Inflation? Or growth? As it happens, this is really the issue that divides the world of economics at the moment. The big split in economic policymaking comes down to that.

ICWales: How estate agents are battling for your home HOMEBUYERS are being targeted with ever-more inventive tactics as estate agents and mortgage lenders grapple with a continued slowdown in the property market. Some of the offers currently being used to tempt Welsh people into moving include Sunday and evening viewings, the possibility of a "10%-off" winter sale, and one new mortgage even comes with a free package of trendy electronic equipment.