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According to accountancy firm PriceWaterhouseCoopers (PWC), that is the equivalent of £1 million being lost every 60 seconds, reports the Independent.
PWC's head of macroeconomics, John Hawksworth, commented: "The fall in UK house prices... has driven down the level of wealth tied up in UK housing by around £400bn, representing a nine per cent fall in the value of the UK's housing stock."
He added tat the stock market has lost around £200 billion, while PWC stresses that is evaluation is conservative and represents the best case scenario.
The Daily Mail reports that more and more Brits are shunning traditional Saturday nights out on the town, as a result of the global economic situation.
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