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France and Germany have called for tougher regulation for the world's financial system at the G20 summit.

The FTSE 100 continued its decline this morning – heading to lows last seen in 1996.

Northern Rock was ready to "take the shackles off" the lender as it announced up to £14bn extra in new mortgages.

The government also said it was revising the terms of its bailout of Royal Bank of Scotland

The downturn is deepening at an alarming pace, according Business leaders have painted a bleak picture of the UK economy

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