The head of Barclays bank has predicted that economic gloom will deepen, with house prices to fall in total by 30%.
John Varley's warning comes ahead of the latest UK unemployment figures on Wednesday, where the number of jobless is expected to rise sharply.
A new survey suggests household debt is on the increase, and the value of sterling has fallen against the euro.
House prices have already fallen by 15% this year, and his remarks suggest they may fall at the same rate next year.
John Varley, group chief executive of Barclays, painted a bleak outlook in an interview on Sky News, during which he criticised mortgage borrowing levels over the last decade.
full story
John Varley's warning comes ahead of the latest UK unemployment figures on Wednesday, where the number of jobless is expected to rise sharply.
A new survey suggests household debt is on the increase, and the value of sterling has fallen against the euro.
House prices have already fallen by 15% this year, and his remarks suggest they may fall at the same rate next year.
John Varley, group chief executive of Barclays, painted a bleak outlook in an interview on Sky News, during which he criticised mortgage borrowing levels over the last decade.
full story