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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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remortgage quotes>>>
More information on remortgaging can be found by click the link above. They can give you a quote as well.
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Monday 2nd June 2008
Yesterdays announcement of a deal with US based investment house Texas Pacific, and a warning that profits for the first 4 months of the year are just under half of the figure for the same period last year, saw Bradford and Bingley shares plummet in early trading. Such was the selling pressure on the shares they had to be suspended for a 9 minute period to restore order and allow the company to announce new terms for the planned fund raising.
The shares fell to an all-time low of just 65p as terms for the Texas Pacific were announced – 55p per share for a 23% stake in the enlarged group. While trading has since resumed in the shares there is widespread disappointment and confusion as to the short term future of the group.
Many are concerned that the group’s exposure to the buy-to-let market may well see them suffer in the short term with signs that the buy-to-let bubble may be deflating. When you consider that at the top of the market the company was worth in excess of £3 billion, against today’s value of around £400 million, it shows how serious the situation has become for the UK banking sector. |
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