Commodity Online
LONDON : Britain’s Treasury chief Alistair Darling on Friday said the country is suffering its worst economic crisis for 60 years, and more pain is yet to come.

Speaking to the Guardian he said the slump is going to be more profound and long-lasting than people thought and the economic conditions faced by Britain and the world are arguably the worst they have been in 60 years.

Britain is suffering fallout from spiraling energy prices and the global credit crunch. House prices are plummeting for the first time in more than a decade, and the fast-rising cost of fuel and staple foods has pushed inflation to more than double the government's two percent target.

British economic growth ground to a halt between April and June, ending more than 15 years of continuous expansion, and the British Chambers of Commerce has warned that recession is likely within the next six to nine months.