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Annual house price fall of 10%
House prices in the UK have seen an annual fall of over 10% for the first time since 1990, according to figures released by the Nationwide. The building society found prices were 10.5% lower in August 2008 than they had been 12 months earlier, knocking £19,000 off the price of the average home. ... more

UK workers ‘fear for jobs’
More than a tenth of UK workers fear losing their job in the next year as a result of the economic slowdown, according to research by the TUC. A poll of 3,000 workers found 13% felt their position could be at risk, which equates to 3.3m people nationally. ... more

Two more firms raise fuel prices
Two more companies have joined British Gas and EDF in announcing large prices rises to cover the increase in the cost of fuel. E.On is increasing its gas prices by 26% and electricity by 16% for domestic customers, while Scottish and Southern Energy is putting gas up by 29.2% and electricity by 19.2%. ... more

UK economy grinds to a halt
Economic growth in the UK stalled between April and June, figures from the Office for National Statistics have shown. The period showed the economy was totally flat, ending 15 years of growth and suggesting the UK is headed for recession, which is officially classed as two consecutive quarters of negative growth. ... more

Mortgage rate falls raise hopes
Mortgage rates in the UK are now roughly the same as they were a year ago, raising hopes that the housing market could start to recover from the impact of the credit crunch. According to price comparison site Moneyfacts, the average two-year fixed deal is now 6.59% compared to 6.56% in August 2007 and down from 7.08% in July. ... more

BAA told to sell three airports
Airport operator BAA should sell three of its seven UK airports and two of its three in London, the Competition Commission has ruled. The body is advising the organisation to sell two of Heathrow, Gatwick and Stansted and one of Glasgow or Edinburgh. BAA has made it clear it will not sell Heathrow. ... more

Businesses ‘must cut waste’
The government should increase its efforts to cut down on the amount of waste from businesses, a parliamentary committee has said. The House of Lords Science and Technology Commission suggested introducing variable rates of VAT to encourage companies to reduce the amount they contribute to landfill. ... more

Small firms turn to bank loans
Small businesses are turning to long-term bank lending in a bid to boost cashflow during the credit crunch, according to research by Barclays Commercial Bank. The bank’s study found that 16% of companies with a turnover of over £1m have taken out loans of £500,000 or more; an increase of 3% on the same period in 2007. ... more

Economy ‘will pick up in 2009’
The economic slowdown will reach its nadir at the end of 2008 and the start of 2009, according to the Institute of Chartered Accountants in England and Wales (ICAEW). According to the organisation business confidence is continuing to slump and the effects of this are now spreading from banking and the housing market into other sectors such as recruitment, consultancy and marketing. ... more

Surge in rental supply and demand
Supply and demand for rented properties have soared in the wake of the housing slowdown, figures from the Royal Institution of Chartered Surveyors (RICS) have revealed. The body saw the number of houses being rented out rise at the fastest level on record in July, as people who would otherwise have sold their property decided to become landlords instead. ... more

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