Extract . . .
An alarming report in today's Times: apparently a new Bank of England report on the UK commercial property market suggests that owners and developers are in breach of their covenants on four out of every five loans taken out, because of the fall in rental incomes. Since the industry as a whole is in hock to the tune of £243bn - £150bn of which comes from UK banks and building societies - that's an awful lot of money potentially at risk. Particularly since there's a good chance of a vicious circle developing.
Read more here
http://www.managementtoday.co.uk/bulletin/mtdailybulletin/article/1053481/banks-property-loans-shaky-foundations/
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