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Germany has drawn up plans that would see Britain relegated to a group of countries which would not be part of the core of a new European Union, according to reports.

Bill Miller, chairman and chief investment officer of Legg Mason Capital Management, is to step down and cede his multi-billion dollar Value Trust to Sam Peters.

Spain became the new Italy this morning after the yield on bonds it sold at auction reached a 14-year-high of just under 7%.

The price of West Texas Intermediate (WTI) crude hit a near-four month high this afternoon after rising shortly before US equity markets opened.

Consumer Prices Index inflation could fall to 3% by the end of Q1 2012 as the impact of the VAT hike and high oil prices falls away.

Britain must give more to the European Union by agreeing to a Europe-wide tax on financial transactions, according to a senior German politician.

M&G bond fund manager Mike Riddell has warned the crisis in Europe has taken a turn for the worse after bond yields in core European countries rocketed yesterday.

The European Commission (EC) has proposed a crackdown on ratings agencies such as Standard & Poor's (S&P) and Moody's which would see them held accountable for mistakes and ensure they followed stricter rules.