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23/01/2008
Stock Market Crash?
The worldwide slump on the stock market has this week seen dramatic declines in global markets, mostly triggered by fears of a US recession.
When George Bush announced a $145bn (£75bn) rescue package of tax breaks at the end of last week, it was supposed to inject confidence into the world's largest economy.
But instead it had the opposite effect and the global stock markets have got 'the jitters', hence the dramatic falls.
In London the City endured its darkest day since the nadir of 9/11 on Monday of this week, with worse predicted.
It's bad news for those who pay into pension funds as they, after all, are the stock market's biggest customer. If shares lose value, then the funds in turn lose value.
Around 13 million people in the UK are saving for their retirement through a workplace pension scheme, most of which are exposed to market fluctuations.
Monday's slump alone wiped £12bn off the final salary schemes of FTSE 350 firms.
In just three weeks, those retirement plans have gone from running a surplus of £10bn to a deficit of £15bn.
(BMcC)
When George Bush announced a $145bn (£75bn) rescue package of tax breaks at the end of last week, it was supposed to inject confidence into the world's largest economy.
But instead it had the opposite effect and the global stock markets have got 'the jitters', hence the dramatic falls.
In London the City endured its darkest day since the nadir of 9/11 on Monday of this week, with worse predicted.
It's bad news for those who pay into pension funds as they, after all, are the stock market's biggest customer. If shares lose value, then the funds in turn lose value.
Around 13 million people in the UK are saving for their retirement through a workplace pension scheme, most of which are exposed to market fluctuations.
Monday's slump alone wiped £12bn off the final salary schemes of FTSE 350 firms.
In just three weeks, those retirement plans have gone from running a surplus of £10bn to a deficit of £15bn.
(BMcC)
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Northern Ireland WeatherToday:Some low cloud lingering in the north and west through the day, although cloud should burn back to the coast as the day goes on. Elsewhere some good sunny spells with very little cloud. Warm with light winds. Maximum temperature 22 °C.Tonight:A sunny evening for most except where cloud lingers along the north coast. Cloud will increase for a lot of areas overnight with mist and fog patches developing. Minimum temperature 7 °C.
