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1,300 Construction Jobs To Be Axed

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http://www.guardian.co.uk/business/2008/ju...market.property

Britain's housebuilders will see at least £3bn wiped off the value of their land assets as a further 1,300 jobs in the sector go this week.

Figures calculated by broker Panmure Gordon on behalf of The Observer suggest that if, as expected, the housing market falls by 17.5 per cent - seen as a conservative estimate - land values will deteriorate by £3bn. 'It could easily be a billion more if the market turns down further,' says Panmure director Mark Hughes.

The slump will create new demands from banks for housebuilders to shore up their devastated balance sheets with fresh capital. This week the UK's most profitable housebuilder, Persimmon, will disclose that it is cutting at least 1,000 jobs, a fifth of its workforce. And Kier Residential is to axe 300, 60 per cent of its staff. The news, to be revealed by Building magazine, means the quoted building sector has cut 3,200 jobs in seven days. Last week, Barratt laid off 1,000 staff and Taylor Wimpey cut 900 jobs.

Builders are desperate for the Bank of England to inject liquidity into mortgage providers so buyers can re-enter the market. Sales have fallen by more than 50 per cent. But the prospect of prices dropping by as much as 35 per cent means that their calls are unlikely to be heeded in the near term.

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Builders are desperate for the Bank of England to inject liquidity into mortgage providers so buyers can re-enter the market

Hmm and I am desperate for the Wimbledon Tennis Girls to come over to my place and give me a massage.

Neither stands a cats chance in hell of coming to fruition, as the Bank of England doesnt have any money other than Taxpayers money, and as such is not authorised to spend taxpayers money on private business's follies.

This plea for more cash has been put to the newly appointed Deputy Governor of the Bank of England who just happens to be a distant relative of Gordon Brown, and he has provided his reply below.

halloween-matt-giving-the-bird.jpg

Edited by laurejon

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This plea for more cash has been put to the newly appointed Deputy Governor of the Bank of England who just happens to be a distant relative of Gordon Brown, and he has provided his reply below.

halloween-matt-giving-the-bird.jpg

He looks very american.

All those declared job losses are presumably directly employed staff. Isn't it true that they largely use contractors these days? So what of them? I wonder what the real losses are?

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He looks very american.

All those declared job losses are presumably directly employed staff. Isn't it true that they largely use contractors these days? So what of them? I wonder what the real losses are?

Spot on, the industry is manned by Sub Contractors so the real effects are much much more.

I have a friend who works for Kier and they are shutting down and shedding staff at an alarming rate, the only jobs running now are Public Works which seem to be taking off with the usual massive budget overuns you would expect.

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What is the lag between someone loosing their job and them showing up in the unemployment stats. On my local high street in Hove, I've seen 4 stores close in the last 2 months, 2 with signs saying "We've been crunched". I think unemployment is currently rocketing with small businesses folding en masse and building, EAs etc loosing thousands as well...just want to know when we will see it in the figures.

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Dont worry all the redundant can go back to working in factories.. oh hang on what factories, **** :(

Can you imagine brickies or carpenters working on the check-out or call centres? They are going to hate it.

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I know a couple of contractors made redundant last week, what I find amazing is that they just assume they're going to walk into another job, they've got no clue how bad things are or how they're going to get.

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Guest X-QUORK
I've seen 4 stores close in the last 2 months, 2 with signs saying "We've been crunched".

In other words, this had nothing to do with us, we're just innocent victims. Almost as hypocritical as these BTLs bleating about "just making investments for the kids".

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No work in Leeds most of the rabbit hutch developments are either boarded up or being manned by very small numbers , where is the money is going to come from when all the ex workers hit the benefits office

Getting really worried as to the future

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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