FRIDAY 13TH FEBRUARY 22:30 GBT - BBC TWO PRESENTED BY KIRSTY WARK Hello viewers Yet another economic thunderbolt crashed down today. The news that HBOS will post pre-tax losses of around £10 billion for 2008 and as a result shares in Lloyd's Banking Group are currently down 32% at 61p. Where were the FSA who had twice raised concerns about the bank calling its performance "disturbing"? And when the government waived competition rules to allow the takeover of HBOS to go ahead, were the taxpapers being sold a pup? I'll be asking the Chancellor and then he'll be joined by France's Finance minister Christine Lagarde to talk about the priorities for the coming G20 summit on the global financial crisis, and her less than complimentary assessment of Alistair Darling's handling of Britain's bailout. Then we'll be looking at the harsh realities of unemployment with our Economics Editor Paul Mason. Here's a word from him: 'When Newsnight asked me to take a look at the state of the labour market 6 months into the recession, I immediately thought of the journey made by George Orwell six years into the Depression of the 1930s. The Road To Wigan Pier is one of my favourite pieces of journalism, but I've always been puzzled as to why Orwell never actually wrote about the road he took. I consulted his diaries and retraced it over three days last week, from Coventry to Stoke to Manchester and then Wigan. What I've found is that today's situation is about more than just unemployment. It's a story about low pay and insecurity for many of those in work, a downward pressure on wages, and the distinct lack of any coherent story for providing the high-paid, high-skilled work that is gradually disappearing from Britain. Together with a tiny camera, plus BBC multimedia producer Mark Lobel, I travelled, shooting impromptu interviews with the people I met, giving press officers and security guards a wide berth. Tune in tonight to see how Britain looks from the bottom end of the jobs market. And you can read more about my Road To Wigan Pier here: And we'll convene our own G3 of Irwin Steltzer, Gillian Tett, and Will Hutton to discuss HBOS, nationalisation, protectionism, bonuses, and this week's performances on both sides of the table at the Treasury Select Committee and what they say about high finance. And don't forget to scroll down for Newsnight Review at 11pm. See you at 10.30pm. |