Britain’s economic fall is deepest since 1931 – experts argue

Britain may be experiencing the worst economic decline in peaceful times since 1931, argues a report to be released by Ernst & Young Item club next week which was seen by The Times today.

Unemployment in Britian is expected to hit the 3.25m mark, the same report says.

Meanwhile, the British government prepares to bail out its banks with a further £100 billion, The Times says. 

The past hour in news was not, however, all doom and gloom.

Barclays is in fact set to report a £6 billion pre-tax profit next month, The Telegraph says. The bank had announced 2,100 layoffs earlier this week.

Obama to bask in $150 million party

Obama shall celebrate his inauguration on Tuesday with a gala costing $150 million, says the AP.

I find this shocking given the current state of affairs in the United States.