Newspaper article The Evening Standard (London, England)

Darling: City Worst Hit by Recession

Newspaper article The Evening Standard (London, England)

Darling: City Worst Hit by Recession

Article excerpt

Byline: PAUL WAUGH

CHANCELLOR Alistair Darling came under fire today for admitting that the City would be "more severely affected" than elsewhere by the recession.

He said the combined fall in tax revenues and stamp duty because of a sluggish housing market had hit London the hardest.

The Tories said this proved Labour had left the country ill prepared for the crisis and contradicted Prime Minister Gordon Brown's boast that the UK was "best placed" to ride out the storm.

Mr Darling surprised MPs last night when he said London's difficulties were a result of its being a major financial services centre.

The European Commission and the IMF are predicting that the UK will be the hardest hit in the developed world.

Questioned by Tory MP Adam Afriyie over this forecast, Mr Darling replied: "London is the major financial services sector of the world. Of course we are likely to be more severely affected as a result of the profitability being reduced and I've made that point on many occasions. …

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