Fiscal 'Armageddon' - is the UK ready?

Even if financial markets get a grip - not looking good currently - UK growth will still be on its knees. So claims a new EU-wide report, penned by Marco Buti, boss of economic and financial affairs at the EU.

Buti anticipates UK growth to expand by just 0.7% by the end of this year and 0.6% in 2012. Rather less than former OBR predictions!