UK government plans £50-bn emergency cash injection to boost growth

The UK government has drawn up plans for a £50-billion emergency cash injection to boost growth with  ministers preparing for a spate of dire economic news this week.

The Bank of England is expected to substantially slash Britain's growth prospects tomorrow to just 1 per cent this year, as against 1.5 per cent only three months ago.

The growth prediction for next year would be slashed too by half  to just 1 per cent – with the warning that it would be even worse if the eurozone crisis continued.

Further, youth unemployment is also projected to hit 1 million for the first time since records began more than 20 years ago.

Also reports suggest that there is much infighting in the coalition over plans to rev up the economy, with business secretary Vince Cable ruling out Tory proposals for a freeze on benefits.

In a bid to get moving with the plans, chancellor George Osborne is expected to come out with  plans for new toll roads, housing and power stations to in a bid kickstart growth.