Wednesday, February 16, 2011

Housing market is a sword of Damocles over U.K.

Mervyn King Stands Up to His Critics

U.K. house prices have fallen just 15% from the peak; no one seriously believes that represents the full unwinding of the property bubble. A continuing slide in house prices, against a backdrop of government spending cuts, rising unemployment (up another 60,000 in January) and declining real wage could have a deeply damaging impact on confidence.

Posted by pbahra @ 03:40 PM (810 views)
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