Round-up: Posen warns UK economy is ‘cratering’

Away from the euro debt crisis deal which took centre stage in the nationals, MPC member Adam Posen issues a stark warning about slowing growth while a member of the incoming Financial Policy Committee says he will challenge any ‘group mentality’ at the Bank of England.

Independent

Living standards will drop, the UK economy is "cratering" and growth will fall to only 0.5% next year, well below the Government's official projections, warned Adam Posen, a member of the Bank of England's interest-rate setting Monetary Policy Committee. MORE...

The head of the European bailout fund will travel to China on Friday, as officials study plans to enlist the support of foreign investors in resolving the currency bloc's debt crisis. MORE...

Guardian

A former Goldman Sachs director, who was also once the global head of elite consultancy McKinsey & Co, will surrender to the FBI on Wednesday to face criminal insider trading-related charges, a person familiar with the investigation said.  MORE...

Telegraph

A member of the Bank of England's Financial Policy Committee (FPC) told MPs he would be willing to speak out should he find there was pressure among members to fall into line with the Bank's official views. MORE...

Manufacturers' expectations for output fell at the fastest pace in 36 years in October, underlining fears that the UK economy is on the verge of another recession. MORE...

BBC

The Bank of Japan (BOJ) has expanded its asset purchase programme by 5tn yen ($66bn; £41bn) in a bid to boost growth. MORE...

The wife of jailed US financial swindler Bernard Madoff has said the couple attempted suicide after his $65bn (£41bn) fraud scheme was exposed.
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