‘More credit woes to come’

Tuesday 8th April 2008, 2:30PM BST.

CREDIT conditions are expected to get worse before they improve, according to Bank of England agent John Whitley.

The slump has prompted many mortgage lenders to withdraw their products from the market. Mr Whitley (pictured) was in the island last week to ask local businesses what they thought about the current state of the economy.

The information will form part of a regular report and then be submitted to the Monetary Policy Committee – the body that sets UK interest rates. Some experts have described the global credit slump as the worst financial crisis since the Second World War.