£1M Wiped Out Per Minute

PriceWaterhouseCoopers (PWC) have published an analysis that shows that £1M per minute (£600BN) has been wiped out from the UK's total wealth, since the credit crunch started a year ago.

PWC estimates that £400BN has been written off residential property, and £200BN written off the stock market valuations of the banks and other financial institutions.

PWC estimate that this will lead to a reduction in expenditure of around £12BN to £16BN over the next 12 months.

As if that were not gloomy enough, PWC add the rather worrying caveat that the report is "conservative" and that this is its best case scenario.