Credit crunch has "sown seeds of downturn"

Jon Moulton, a well-known private equity investor, said that the credit crunch had " sown the seeds of a major downturn," the Financial Times reported.

Speaking in Birmingham on Wednesday, Moulton's words are likely to have increased anxieties about the tightening of credit in a period when inter-bank borrowing rates have risen to record high levels above the Bank's official base rate.

He claimed that a conversation with Bank of England staff had made it clear to him that "they did not know wha

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