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Japan now faces a full year of recession, officials warned on Tuesday, in a protracted global economic slump that threatens big job losses and could doom the once mighty US auto industry.

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Politicians have been arguing this week over the future of the economy – which further proves the need for borrowers to use their money wisely.

Shadow chancellor George Osborne has warned Gordon Brown’s willingness to borrow his way out of trouble could lead to the collapse of sterling, which would be bad news for investors and savers.

Pound Sterling has fallen over November as the UK becomes ever closer to a recession. So it’s time for the saving hoarder mentality to kick in across homes in Britain.

If Sterling drops further, savings and investments might not be the best way of making the most of your money. An offset mortgage however will not be affected as much by a weak pound.

Things are tough and they are going to stay tough, but those who have an offset mortgage will be the best placed – their mortgage payments will go down, their mortgage will get smaller and they will be able to save more money – however much it is worth across the world.

To stay abreast of current trends, news and comment on offseting mortgages visit the Offset Mortgage Blog.

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Former HBOS executive Jim Spowart has abandoned his attempt to drum up an alternative bid for the bank to keep it out of the hands of Lloyds TSB.

Tycoon gives up on his bid to find HBOS saviour
A BANKER has shelved his attempt to find another bidder for HBOS.

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A financier who tried to broker an alternative deal to the proposed takeover of HBOS has conceded defeat. Jim Spowart, who founded Intelligent Finance and Standard Life Bank, blamed UK Government ministers and a series of leaks for ending his campaign to stop the Lloyds TSB deal going through.

‘Angry Spowart throws in the towel over HBOS merger
HBOS RIVAL BID: Scots financier says politicians have put ego before the welfare of the people and jobs. financier brokering a possible rival bid for HBOS has abandoned his campaign.

Financier admits defeat in HBOS bid (ic Lanarkshire)
A financier who tried to broker an alternative deal to the proposed takeover of HBOS has conceded his defeat. Jim Spowart, who founded Intelligent Finance and Standard Life Bank, blamed UK Government ministers and a series of leaks for ending his campaign to stop the Lloyds TSB deal going through.

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We could begin with Peter Sastawnyuk. The 53-year-old businessman filled his £370,000 detached home with petrol canisters, sealed the locks, set tripwires and threatened to set the place alight. More than 40 of his neighbours were evacuated from the posh cul-de-sac on the edge of the Pennines from which Sastawnyuk sent his children to be educated at private school. But the cradle of his dreams …

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Nigel Gilbert, Lloyds TSB group marketing director, is understood to be in line for the top marketing role if the bank’s merger with HBOS goes ahead. Gilbert would take control of brands including Halifax, Bank of Scotland and Intelligent finance. It is thought that Lloyds TSB brands …

Handover turns ugly as car industry bailout row flares
An ideological battle has erupted between George Bush and Barack Obama, with the outgoing President baulking at proposals to prop up General Motors, once the world’s largest car maker, which could go bust by Christmas.

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An ideological battle has erupted between George Bush and Barack Obama, with the outgoing President baulking at proposals to prop up General Motors, once the world’s largest car maker, which could go bust by Christmas.

Heavyweight lends backing to Lloyds TSB deal with HBOS
Corporate governance watchdog Pirc is advising its institutional investor clients to vote in favour of Lloyds TSB’s effective takeover of HBOS - declaring there has been “sufficient independent scrutiny” of the UK Government-brokered deal.

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Leading Scottish financier Jim Spowart says nationalising HBOS would be preferable to a takeover by Lloyds TSB.

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Sir Peter Burt and Sir George Matthewson, two of Britain’s top bankers, want to stop the £6.5bn rescue takeover of HBOS by Lloyds TSB. Sir Peter, the former chief executive of Bank of Scotland, and Sir George, ex-chief of the Royal Bank of Scotland, believe HBOS should remain independent. They argue that it is now viable thanks to capital made available by last month’s Treasury bail-out.

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The heroes.