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World leaders tell consumers not to panic

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Investors have been reassured by world leaders that the uncertainty affecting the global economy will not prove catastrophic.

US president George Bush and the British prime minister Gordon Brown both sought to offer solace to concerned investors and consumers.

As the stock market on both sides of the Atlantic reacted to badly to the news that US investment bank Bear Stearns had been rescued by an emergency aid package of $30 billion from the Federal Reserve as a result of the liquidity crisis, fears hardened that the credit crunch could further squeeze the economy.

Consumers worried about the availability of credit if conditions continue to deteriorate and investors wringing their hands over share price slides and wider economic turbulence were the target of speeches on both sides of the Atlantic by the respective premiers.

Mr Bush insisted that while "challenging times" were upon us, "in the long run, our economy is going to be fine".

Meanwhile, the British prime minister, Gordon Brown, vowed to "take whatever action is necessary to maintain economic stability".

There was some comfort today as the FTSE 100 recovered after a slide of almost four per cent on Monday, but all eyes will be on the Federal Reserve this evening when it announces plans for an expected rate cut.

There is speculation that the cut could be as high as one per cent in light of the economic situation.

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