Timms: 'We got our stimulus in place early'

The International Monetary Fund has predicted that the UK economy will shrink by 2.8% next year, the worst contraction among advanced nations.

A new IMF forecast has said that global economic growth is set to fall to its lowest rate since World War Two.

Financial Secretary to the Treasury, Stephen Timms, has said the government package to stabilise the banking system means Britain will get through the downturn in "the best possible state".