Economic crisis news

The governor of the Bank of England, Sir Mervyn King, has given his clearest warning yet that the impact of the global financial crisis is going to continue for decades. More than four years on from the collapse of Lehman Brothers, the financial and economic outlook is steadily worsening around the world: here.

One of Britain’s last deep coal mines, Maltby, faces closure as a result of geological problems at the site. Ninety-day notices of redundancy have been issued to all 540 staff at the South Yorkshire colliery: here. See also here.

Germany’s 20 million pensioners can expect further cuts in their income and purchasing power next year: here.

There has been a dramatic rise in poverty, hunger and inequality across Spain since the outbreak of the economic crisis in 2008. Spain has now become the country with the greatest inequality of the 27 countries of the European Union: here.

USA: DuPont announced 1,500 job cuts on Tuesday, as the chemical company slashed its annual forecast and reported a lower-than-expected quarterly profit: here.