I always thought " on the brink" usually meant that something could still be done to avoid it... unfortunately it doesn't look like the BofE is prepared to do anything - other than chuck more good money (after bad) at their mates in the city. Who'll do nothing with it other than cover their bonuses.

Steve, London,

Most of the OPEC economies are already overspending every year and even though they have announced a cut, many of them, e.g. Venezuela and Irnwill need to keep on pumping at full speed to keep their economies going. This is just an empty threat by them to gain some additional short term revenue.

Harmeet, Pinner, UK

Because of the preveailing focus on calendar year end, markets are pricing in in 3 months what took them 3 years in 00-03. Companies are in much better shape now than back then and similarly cheap. Doomsayers never buy and always miss the now unexpected and therefore possibly quick and big recovery!

George, London,

A stock market crash which Maitreya has said is inevitable will obviously lead to changes occupying also most politicians.

Jaap , Namen,

This day has all the hallmarks of being the Blackest Black Friday in the history of the worlds stock markets. And the US markets have not opened yet.

Peter, Vancouver.BC, Canada

Watching and listening to this governent deal with the UK economy is quite interesting. An analogy is a five year old carryng out brain surgery.

On reflection, make that a four year old carrying out brain surgery.

John Devries, Alicante, Spain

Before the collapse of any civilisation in the past, there were several indicators:

- the collapse of the family
- huge amounts spent on defence of wealth
- constant preparations for war
- kerry katona appearing stoned on national TV

iain, bedford, uk

The big problem that know one would like to talk about is when China, Japin, and Sudi arabia calls in it debts. Just the US alone all the T Bond it sends back to US, this will push the $ to all time lows. Then they will buy any goods they can from US to try and reclaim there debts!

oliver, colchester,

And does this mean that all our precious bail-out money has been blown too?

David, Cambridge, UK

We are not on the brink of recession - but bang in the middle.
It started when the Abbey went "bust" and sneaked itself off to Spain

james allen, manchester, england

The government isn't ever going to reduce fuel tax. They might if there was so much oil they couldn't give it away - not a likely situation with the OPEC announcement.

A line by John Cooper Clarke; "Too much is not enough". Governments and business; you can't expand profits endlessly, forever.

Steve, London,

The hardest hit will be the elderly. An estimated that 20000, yes twenty thousand, will die this winter because they are unable to afford heating. This is a national disgrace & perhaps more pressure could be applied to stop handing out welfare payments to all & sundry before taking care of our own.

Matt , Bournemouth, UK

People who think this is going to be mild live in their own world. We need credit from abroad to carry on as we have. It will not be forthcoming and UK has to adjust to a position where it has something to sell abroad. Our kamikasi dive has begun & will crash through the unarmoured decks of Uk PLC.

Chris Stuart, Carentan, France

So will everyone admit that they were wrong to criticise Alistair Darling for his comments a little while ago about the worst economic conditions for 60 years? "Credit crunch" may roll off the tongue easily, but fuel and food prices and a debt-fuelled growth and housing bubble are the real causes.

Mike, Woodbridge,

Darling says we are moving towards recession, it just shows that our Government is going around with its head in the sand(thats the polite version).
Manipulating figures to their advantage fools nobody.
We have been in recession for the last month or two,who are they trying to kid!

Adrian Smith, Alvechurch, UK

So the pull back is 1 or 2% in terms of output and temporary to boot. And for that the market slides 40%? What an overreaction. I would call it sheer panic. And in 2010 the sun shines agaion and Moore's law is still in effect als.

ed buscemi, new york, usa

I though short selling had been made illegal on bank shares? Clearly someone is short selling, so what happened to this revelation that G Brown had? Oh and by the way, we've been in recession for ages, just that nobody wanted to admit it.

Phil, London,

hang on, i thought gordon had bailed out the banks. so was that a complete waste of money?

sam, london, uk

At least we will not have to listen to BGordon Brown saying no more boom and bust

Derek Worsey, Hull, Yorkshire

With the value of the GBP£ falling this means that our goods and services will be less expensive for foreigners, and should also stimulate the tourist industry.

Desi, Eastleigh,

Surely the bigger question for the world is who has the not only the capacity but also is politically willing to buy up all the Global Govt debt that is out there which the bailouts are all dependent on. What happens if the Chinese can't or don't want to buy US, UK or EU Govt debt? What' s Plan B?

Rupert, London, UK

The Intelligence services of the UK and the USA have over egged the whole War on Terror. it has took us to WAR and It has drained our resources to the point where we have been pushed into recession. Inflation caused by fuel and more importantly TAX on fuel 1. and interest rates 2.

Mark Steele, gateshead, uk