Monday, Mar 09, 2009
Driven by sharp falls in consumer spending, investment and inventories.
Reuters via Yahoo: Economy to shrink by 2.8 percent this year
The economic downturn will be deeper than previously thought this year and the recovery will be muted, the British Chambers of Commerce said on Monday.
{and from the silly figures dept!}
And it revised down its growth forecast for 2010 to 0.8 percent from 1.1 percent in January.
It also said it expects unemployment to hit 3.2 million in the second half of 2010, or just over 10 percent of the workforce, higher than its January forecast of 3.1 million
Posted by troy @ 06:18 AM (744 views) Add Comment
8 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. troy said...
07:32 GMT, Monday, 9 March 2009
Bovis Homes reports £78.7m loss
See Bovis's share price
The housebuilder Bovis Homes has reported a pre-tax loss for 2008 of £78.7m, compared with a profit of £123.6m for 2007.
It decided to write off £77.4m of the value of its assets such as land.
It has also written off £10m of the benefits it had expected from the 2007 acquisition of Elite Homes.
Bovis boss David Ritchie described it as "an unprecedented year", saying there had been, "the toughest trading environment for many years".
He blamed the problems on "declining mortgage finance availability and poor economic conditions, allied with low consumer confidence".
"In response to this, during the year the group has restructured its operations, sharply reduced its expenditure on land and production, renegotiated its banking agreements and focused its management on the need to manage cashflow."
Bovis said that the availability of mortgages for home purchase had fallen 70% during the year.
2. p. doff said...
Hey Troy, It must be almost a full time job sourcing and posting all these doom and gloom articles then commenting upon them. LOL
3. crunchy said...
2. p. doff
You don't know, that you are the only other person here and that you are constantly commenting to Team Troy?
Now that's what I call a conspiracy. LOL
4. p. doff said...
Crunchy. We had our suspicions that there might be a 'Team Troy'. But do you think they have sussed out our Team P. Doff yet. LOL
5. crunchy said...
4. p. doff
A football match would prove most interesting. Troy of the Rovers! : )
6. troy said...
gardennetting's been very quiet recently
wonder if he's bought a house?
7. crunchy said...
May have been eaten by the new hybrid (Obamalyinsania) plant.
8. crunchy said...
Or injured by the Penus fly trapper. ; )