Monday, Aug 11, 2008
UK loses £600bn in credit crunch
The Guardian: UK loses £600bn in credit crunch
The credit crunch, which has dragged the UK economy to the brink of recession, has wiped £600bn from the wealth of the UK - more than £1m a minute - since the crisis began a year ago, accountants said today.
A study by PricewaterhouseCoopers showed that housing wealth has plummeted by £400bn while sharp falls in the share prices ofbanks and financial institutions have wiped out another £200bn.
Posted by edwardnh @ 10:47 AM (305 views) Add Comment
1 Comment
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1. Adrian said...
£400bn in housing wealth??? of which a large percentage is funded by debt.
Surely people must realise by now that equity in a house is not real wealth until you sell the property and the cash is in your bank (which may not be real wealth either if the bank goes belly up)