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Re: Full Marks to EJ
Mike; don't worry too much about us coffee swilling colonials.;)Originally posted by Mega View Post
You got problems of your own over there buddy...
U.K. House Prices Drop Most Since 1992, Manufacturing Contracts
By Svenja O'Donnell and Jennifer Ryan
July 1 (Bloomberg) -- U.K. house prices fell by the most since 1992 and manufacturing unexpectedly contracted in June as banks starved the economy of loans and commodity prices soared, bringing the nation closer to a recession.
The price of an average home declined 6.3 percent from a year earlier to 172,415 pounds ($343,278), the biggest drop since November 1992, Nationwide Building Society, Britain's fourth- biggest mortgage lender, said today. An index of manufacturing fell to 45.8, the least since 2001, according to the Chartered Institute of Purchasing and Supply.
``The economy has yet to feel the full effect of the credit crunch, and there are negative effects from the high oil price,'' said Lena Komileva, an economist at Tullett Prebon in London. ``Recession is a great possibility. We're getting closer to a 50 percent chance.'' ...
http://www.bloomberg.com/apps/news?p...CEk&refer=home
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