The FTSE 100 Index slid more than 3% today amid more woes in the banking sector and fears of bankruptcy among major US carmakers.

The London market was under pressure again today as the break-up of the Dunfermline Building Society sent tremors through the bank sector.

The cost of failing to act to save the Dunfermline Building Society would be “immeasurable”, politicians warned today.

The era of cheap credit may be over forever, the chief executive of Britain's Financial Services Authority has warned.