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| Stock up on canned food for stock market crash, warns former Gordon Brown adviser | |
| (35 minutes later) | |
| A former adviser to Gordon Brown has urged people to stock up on canned goods and bottled water as stock markets around the world slide. | |
| Damian McBride appeared to suggest that the stock market dip could lead to civil disorder or other situations where it would be unreasonable for someone to leave the house. | Damian McBride appeared to suggest that the stock market dip could lead to civil disorder or other situations where it would be unreasonable for someone to leave the house. |
| “Advice on the looming crash, No.1: get hard cash in a safe place now; don't assume banks & cashpoints will be open, or bank cards will work,” he tweeted. | “Advice on the looming crash, No.1: get hard cash in a safe place now; don't assume banks & cashpoints will be open, or bank cards will work,” he tweeted. |
| “Crash advice No.2: do you have enough bottled water, tinned goods & other essentials at home to live a month indoors? If not, get shopping. | “Crash advice No.2: do you have enough bottled water, tinned goods & other essentials at home to live a month indoors? If not, get shopping. |
| “Crash advice No.3: agree a rally point with your loved ones in case transport and communication gets cut off; somewhere you can all head to.” | |
| Mr McBride credited his former boss Gordon Brown with preventing a cataclysm by nationalising the banking system during the 2008 crash. | Mr McBride credited his former boss Gordon Brown with preventing a cataclysm by nationalising the banking system during the 2008 crash. |
| Damian McBride | |
| “We were close enough in 2008 (if the bank bailout hadn't worked),” he said. “and what's coming is on 20 times that scale”. | “We were close enough in 2008 (if the bank bailout hadn't worked),” he said. “and what's coming is on 20 times that scale”. |
| Financial markets are unstable and periodically suffer crises which can have devastating consequences for the wider economy. | Financial markets are unstable and periodically suffer crises which can have devastating consequences for the wider economy. |
| The Shanghai Composite Index, China’s most important stock market index, was down 8.45 per cent, erasing a year’s gains in a day’s trading. | The Shanghai Composite Index, China’s most important stock market index, was down 8.45 per cent, erasing a year’s gains in a day’s trading. |
| The FTSE100 fell 4.5 per cent, hoping £60bn off the price of UK shares, and the Dow Jones in the US fell by over a thousand points in its first minute of trading. | The FTSE100 fell 4.5 per cent, hoping £60bn off the price of UK shares, and the Dow Jones in the US fell by over a thousand points in its first minute of trading. |
| Some analysts have suggested that the stock market slide could be the start of a new global financial crisis. | Some analysts have suggested that the stock market slide could be the start of a new global financial crisis. |
| Mr McBride’s suggestions about stocking up on canned goods, setting rally points and stocking up on bottled water were ridiculed by some users on Twitter as over the top, however. | Mr McBride’s suggestions about stocking up on canned goods, setting rally points and stocking up on bottled water were ridiculed by some users on Twitter as over the top, however. |
| Mr McBride was special advisor to Gordon Brown and head of communications at the Treasury for a period during the last Labour government. | Mr McBride was special advisor to Gordon Brown and head of communications at the Treasury for a period during the last Labour government. |