Round-up: Osborne to update MPs on economy today

Chancellor George Osborne will today update MPs on the British economy as turmoil continues on the world's stock markets.

The FTSE 100 plunged 3% yesterday amid heavy falls on Wall Street and rumours of a credit rating downgrade for France. However, it is 2% higher in early trading on Thursday.

Osborne is expected to underline his commitment to reducing Britain's record budget deficit in light of last week's decision by Standard and Poor's to cut the US's cherished AAA status over fears it cannot repay its debt. MORE...

Government borrowing costs tumbled to a record low last night as Britain benefited from its new found ‘safe-haven' status despite fears over the subdued recovery. MORE...

Three quarters of home buyers are concerned about mortgage rates, fearing it would take only a small hike to send them over the edge, a new report shows. MORE...

Weaker eurozone members face the prospect of being left with no domestic banks in future as market resistance to funding lenders in peripheral countries grows. MORE...

Switzerland's central bank yesterday sought for the second time in a week to combat a surge in its currency that threatens the country's export-led economy and pledged to make further interventions if necessary. MORE...