Credit crunch has cost UK economy £600 billion

A year in the grip of the global credit crunch has cost the UK economy £600 billion, according to research from PricewaterhouseCoopers LLP.

Over the past 12 months, the combined effect of falling house prices and tumbling equity values has wiped around £600 billion off the value of UK wealth, with a potentially greater impact on future spending.

PwC estimates that this level of wealth destruction - equivalent to around 1 per cent of UK GDP - could lead to reduced spending of £12-16 billion over the next twelve to eighteen months as the effects of falling stock market and housing wealth feed through to reduce spending by UK businesses and households.

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