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silver surfer

City Bonuses & Jobs Outlook Looking Bleak

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Interesting article about the employment problems confronting Wall Street

http://biz.yahoo.com/cnnm/070816/081607_wa....pf=career-work

How long before the same thing spreads to the UK? A massive 8% of the UK's GDP comes from the finance and banking sectors (compared to say agriculture at under 1%), I don't know what percentage of London's GDP is finance based, but I wouldn't be surprised if it was 20% or even higher. If financial job security starts to look shakey then London house prices will suffer.

I don't think house prices will fall as far as many of this forum predict (I'm pencilling in 20-25% nominal falls by the end of 2010), but I don't believe London will be immune. In fact it wouldn't surprise me if London was a particular black spot in the coming crash, and that prognosis reaches from Belgravia to Bermondsey.

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