Britain out of recession - papers

BRITAIN will have emerged from its deepest recession since the second world war when official data is released later this month, with the economy showing modest growth in the fourth quarter after 18 months of contraction, according to a respected economic think-tank.

The economy, reports the Financial Tmes, is likely to expand by 0.3% over the three months through December, according to the National Institute for Economic and Social Research. However, over the full calendar year of 2009, the British economy is likely to have seen a bigger contraction than in any year of the great depression and the largest annual slump since 1921, NIESR said. Read more ROYAL BANK OF SCOTLAND (RBS) defrauded an Austrian bank by encouraging it to invest in a £140m sham financial vehicle created for Enron, the collapsed energy giant, a court heard yesterday. Raiff...