PM to address crisis
GORDON Brown is to set up an emergency committee to take charge of Britain’s response to the financial crisis, it was reported today. It is claimed it would be modelled on similar lines to Cobra, the Government’s crisis management committee, and would bring together ministers, officials and advisers. Its secretariat would be run from the Cabinet Office. The report comes as the US Senate passed a £385bn rescue package for the nation’s troubled economy. President George Bush said the measures were needed to stave off financial panic and avoid a “long and painful recession”. The Senate passed the bill by 74 votes to 25, but it must now pass to the lower house, which rejected similar proposals earlier this week. The plan, seen by many Americans as a $700bn bail-out of Wall Street, has had more than $100bn of sweeteners added to win support from members of the lower house.
Sales low for M&S
RETAIL giant Marks and Spencer today revealed deepening sales gloom with its worst performance for more than three years. The high street giant said UK like-for-like sales fell 6.1% in the 13 weeks to September 27 - its worst quarterly performance since January-April 2005.
Executive chairman Sir Stuart Rose warned: “Consumer confidence remains fragile and the retail environment unpredictable.”
Charity shortlisted
TEES Valley Community Foundation is poised for success tonight after being shortlisted for a charity of the year title, following a record 12 months of giving.
The Tees Valley Community Foundation (TVCF) has been put forward for the top prize in the County Durham and the Tees Valley Charity Awards.
TVCF, which channels charitable donations, funding and investment directly into grass roots community groups and projects, supported more voluntary groups than ever last year, distributing more than £1.8m of grants to around 500 beneficiaries.
