Minister: We face economic crisis (UK)

Britain was facing “the first real economic crisis” in a generation, a senior Government minister has admitted.

Baroness Vadera, a business minister and former adviser to Gordon Brown, made the comment as the price of oil experienced its biggest one-day increase in almost 20 years.

The minister said the economy was facing “testing times” but insisted that Britain was well-placed to withstand the global turbulence as fuel and food prices rose sharply.