Markets slump after governor's warning

FINANCIAL markets were taking a hit today after Bank of England governor Mervyn King warned that Britain stood on the threshold of recession.

FINANCIAL markets were taking a hit today after Bank of England governor Mervyn King warned that Britain stood on the threshold of recession.

The pound hit a five-year low against the US dollar - a fall of six cents - and the FTSE fell by 86 points, more than two per cent, in early trading.

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