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Monthly Archives: February 2009

House prices continue to fall while negative equity rises

The price of a typical house fell by 1.8% in February which means that average house prices have fallen by 17.6% in the past year, according to the latest survey of house prices published by Nationwide yesterday. This represents a fall in the typical house price from £179,358 a year ago, to £147,746 now.   One would have thought that … Continue reading

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Largest corporate loss in UK history – Wow, what does that look like?

This morning the Royal Bank of Scotland (RBS), which was bailed out by the taxpayer last year, announced a loss for 2008 of £24.1 billion. Even as I write this the Chairman of RBS is on the phone to the editor of Guinness World Records to claim their rightful place.   It seems that over the past year we have … Continue reading

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Fall in business investment makes downward revision in GDP figures likely

Business investment in the final quarter of 2008 was 7.7% down on the same period of 2007, and 3.9% down on the previous quarter according to figures just published by the Office for National Statistics. Manufacturing investment actually fell by 11% from the previous quarter and 15.7% on a year earlier. Such high figures are sure to be reflected in … Continue reading

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Question: Who has the balls to succeed in a recession?

Answer: Pawnbrokers. Yes, pawnbrokers with their traditional shop signs of three golden balls (or spheres as they prefer them to be called) are springing up across the country in our towns and cities – not that they ever went away in the first place of course.         Pawnbrokers were known in the Greek and Roman Empires and it … Continue reading

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House repossessions rising and house building at lowest level since records began

The number of homes repossessed in 2008 increased by 54% to 40,000 in figures just published by the Council of Mortgage Lenders. This level of repossessions accounted for 1 in 290 mortgages and the Council also reported that 1 in 53 mortgages are currently in arrears by three months or more.   This situation may be helped by the government’s … Continue reading

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Country to feed, please give generously

UK public finances are deteriorating rapidly. Continue reading

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Please Sir, may we print more money?

The minutes of the Monetary Policy Committee of the Bank of England were published yesterday, covering their meeting on 4th and 5th of February at which they voted to reduce the Bank Rate by 50 basis points to 1.0%.   The minutes provide a fairly grim summary of the ongoing crisis in the world economy with talk of a “worsening … Continue reading

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GDP in OECD area falls by record amount in last quarter of 2008

GDP growth fell by 1.5% in last quarter of 2008 in OECD area Continue reading

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Price rises are slowing – but is that good or bad news?

CPI and RPI have fallen less than expected in January but is deflation on the horizon? Continue reading

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Land of the sinking sun?

Why is Japan suffering from its worst economic crisis in the post war era? Continue reading

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