Soros: we are on road to recovery at last

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"The economic freefall has been stopped, the collapse of the financial system averted," he insisted. Billionaire Mr Soros, 79, added: "National economic stimulus programmes are starting to take effect." George Buckley, chief UK economist at Deutsche Bank, believes the economy could start to grow again next month.

The Organisation for Economic Co-operation and Development said there were "tentative signs" that the downturn could be coming to an end. The FTSE 100 index edged down 44.12 points to 4417.97 but is still well above its low of 3512 in March.