http://www.dailymail.co.uk/news/arti...gh-street.html
Consumer spending fell by a record amount last month as the credit crunch continued to hit the public's willingness to splash out on the high street.
Retail sales slumped 3.9 per cent between May and June, the biggest fall since records began in January 1986, according to new figures from the Office for National Statistics.
http://www.dailymail.co.uk/news/arti...ate-1950s.html
Four out of ten homebuyers in some areas are pulling out of sales after losing their nerve or failing to get a mortgage, the Bank of England said yesterday.
The soaring cancellation rate - when buyers put in an offer but then back out - illustrates the dire state of the property market.
In a monthly report, the Bank said: 'In the market for established homes, more transactions were falling through, with some estate agents reporting a cancellation rate of up to 40 per cent recently.
'That was partly due to the unwillingness of many sellers to accept a lower offer.'
The report, entitled Agents' Summary of Business Conditions, also said large numbers of buyers were having mortgage offers withdrawn.
Others simply got cold feet at a time of warnings that prices could plunge up to 35 per cent in the next two years.
http://news.bbc.co.uk/1/hi/business/7522991.stm
The French car manufacturer Renault is going to cut its European workforce by 5,000 through voluntary redundancies.
The company said the plan was prompted by the deteriorating economic outlook.
It said this "far exceeded the worst-case scenarios envisaged" when it started a profit recovery plan two years ago.
Renault, the sixth largest car maker in Europe, said it was now scaling back its production targets because of weak sales in Spain, Italy and the UK.
Consumer spending fell by a record amount last month as the credit crunch continued to hit the public's willingness to splash out on the high street.
Retail sales slumped 3.9 per cent between May and June, the biggest fall since records began in January 1986, according to new figures from the Office for National Statistics.
http://www.dailymail.co.uk/news/arti...ate-1950s.html
Four out of ten homebuyers in some areas are pulling out of sales after losing their nerve or failing to get a mortgage, the Bank of England said yesterday.
The soaring cancellation rate - when buyers put in an offer but then back out - illustrates the dire state of the property market.
In a monthly report, the Bank said: 'In the market for established homes, more transactions were falling through, with some estate agents reporting a cancellation rate of up to 40 per cent recently.
'That was partly due to the unwillingness of many sellers to accept a lower offer.'
The report, entitled Agents' Summary of Business Conditions, also said large numbers of buyers were having mortgage offers withdrawn.
Others simply got cold feet at a time of warnings that prices could plunge up to 35 per cent in the next two years.
http://news.bbc.co.uk/1/hi/business/7522991.stm
The French car manufacturer Renault is going to cut its European workforce by 5,000 through voluntary redundancies.
The company said the plan was prompted by the deteriorating economic outlook.
It said this "far exceeded the worst-case scenarios envisaged" when it started a profit recovery plan two years ago.
Renault, the sixth largest car maker in Europe, said it was now scaling back its production targets because of weak sales in Spain, Italy and the UK.
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