UK reportedly faces more than £20bn hit from steeper productivity downgrade, fuelling tax rise speculation

UK reportedly faces more than £20bn hit from steeper productivity downgrade, fuelling tax rise speculation - business live

HSBC's third quarter profits fell 14% to $7.3bn due to challenges in Hong Kong property market and Madoff lawsuit. Operating costs rose 24% to $10.1bn, including restructuring costs and provisions for legal matters.