Under the spotlight: The state of the UK property market
10th February 2009
By Tony Booth
As a writer of some years now and probably along with most others involved in the media, I have long since come to the conclusion that it is nigh impossible to please all of the people all of the time.
In fact, it often seems difficult enough to please some of the people some of the time. But then there are days when I think, hey, it's not all bad, at least I'm not a bank manager! A phrase which by the way would have confounded my parents back in the 1970's, when I first set out career hunting.
Back then, the prospect of becoming a bank manager was to dream of joining an elite group of professionals, all enjoying full security of employment and high annual salaries. My, how things have changed. Here we are in an age when financial institutions are collapsing all around us and bank and building society managers are taking long nostalgic glances around their offices just before closing time, wondering whether they will see them again the next day.
Mid-January saw the startling news that the once high-performing shares in the Royal Bank of Scotland (RBS) had plummeted, following revelations about how it was on course for making a record annual loss. Predictions of a catastrophic 2008 for RBS swept through the city and earliest estimates are that bad debts and lower than expected acquisition values could create a £28b loss.
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