stress

The UK’s economy is already in recession and the financial situation is about to get considerably worse, according to one leading business group.

The stark warning comes from the British Chambers of Commerce (BCC) who have called for urgent action from the government and the Bank of England to restore consumer confidence in the manufacturing and service sectors.

The BCC, which conducted its quarterly survey of 5,000 British businesses, claims that unemployment could rise by as much as 350,000 in the next 12 months.

One in three homeowners could still be paying their mortgage when they retire, a new survey today has shown.

Highlighting the depth of mortgage debt in the UK, the survey by Impartial.co.uk reveals that 1.4m homeowners over the age of 55 still have 10 years or more to run on their current mortgage, with the average amount owed by the so-called “baby boomers” totalling a whopping £55,046 on average and could be facing monthly repayment of more than £700.

One of Britain’s best known builders, Barratt Homes has announced it will be slashing the prices of many of its homes as they are simply not selling.

The availability of mortgages grinding to a halt, particularly for first time buyers, coupled with overdevelopment in major cities has hit the housing market hard, with developers now resorting to fire-sale tactics for properties which has remained unsold and empty.