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According to the Independent, fears of a further downturn in the country's economic fortunes were raised after the Marks & Spencer (M&S) warned that consumer confidence had "deteriorated markedly" and housebuilder Taylor Wimpey confirmed its intention to ace 900 jobs.
M&S also announced the departure of Steven Esom, the director of the company's food business, with immediate effect.
Taylor Wimpey, which is attempting to raise £500 million to help shore up its finance, saw its share price fall by 50 per cent in early trading.
The building group said it intends to close 13 regional offices and reduce general staffing levels as a result of a significant drop in reservations since April.
Group finance director Peter Johnson is also leaving the company at the end of the year.
"Our major markets are experiencing a significant downturn, characterised by significantly lower weekly sales rates and lower average selling prices than in recent years," commented the firm.
Superinvestor Warren Buffett recently voiced his opinion that the US economy is already in the grip of a recession.
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