Ministers have been urged by an influential committee to draw up a plan of action to help the country cope in the event of a eurozone collapse.

MP Vince Cable, the secretary of state for business, has proposed five policies to get the British economy booming again, warning of a lack of confidence among business leaders.

INTEREST RATES

Fears about slowing global growth forced markets sharply lower on Tuesday, with the FTSE 100 and indices across Europe tumbling.

Cazenove Capital has confirmed it is launching its European Income fund, run by star manager Chris Rice, in May this year.

China has cut its annual economic growth target for the first time in eight years, lowering its forecast to below 8% for the first time since 2004.

The FTSE 100, European indices, and US shares all fell on Monday as investors took profits from recent rallies amid signs of a slowdown in China.

Ivan Glasenberg, the chief executive of recently-floated Glencore, has defended the $165m dividend payout he pocketed last year.

THE GREEK 'DEFAULT'

The UK's failed lenders, Northern Rock and Bradford & Bingley, today reported total profit for 2011 had surged 145% to almost £1.1bn.