Job losses force down rents
Tue 6 May 2008
02/05/2008
Jobs losses in the City have forced down rents, commercial property company Hammerson has said. Cuts by banks are forcing commercial property values lower and with them rent in the City of London. News agency, Reuters has described the banks' refusal to call in debts on property as "real estate roulette". The effects of a global credit crunch are spreading from commercial property and high finance to the jobs market. The Centre of Economics and Business Research has predicted that almost 30,000 jobs will be lost in the coming months. However, the UK is not alone. The International Monetary Fund has said turmoil in the financial markets is "the biggest downside risk to the global economy". "Further, world growth would achieve little pickup in 2009, and there is a 25 per cent chance that the global economy will record three per cent or less growth in 2008 and 2009, equivalent to a global recession," it predicted.
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