World Economic News
More Fears on British House Prices
In October, Britain saw the lowest number of property sales since 1995, and the sharpest decline in house prices since 1992, according to the Royal Institution of Chartered Surveyors (RICS). The RICS reported that 41% more of chartered surveyors it had contacted, had seen prices decline than rise in October. In September, that reading was 30%. This was the worst situation since December 1992, RICS reported. Just 3% of surveyors said that prices were rising, with the rest saying that they were stable or falling. This happened all over England and Wales, but was worst in the most costly area, the South East.
Sales were also down 25% from a year ago, and the worst rate in nine years. Surveyors averaged 23 sales in October, and the number of new inquiries fell for the sixth consecutive month.
New Labour 'Super Casino' Gambit in Trouble
The British Culture Secretary Tessa Jowell told a meeting of the Parliamentary Labour Party Nov. 15 that the number of new U.S.-imported "super casinos" opening in Britain would be strictly limited to "pilot schemes". The number should be limited to eight, rather than the 20-40 previously mooted. This is to be confirmed by Culture Minister Richard Caborn Nov. 16.
Also, medium-sized casinos would also be controlled, Jowell said. And, both Houses of Parliament would have to approve more casino "development." If the "pilot" casinos increase problem gambling, or do not bring about "economic regeneration," this would "count against future developments," according to officials.
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