UK's Nationwide H1 pre-tax profits slump 63%

Friday, 20 November 2009 07:55

UK building society Nationwide today forecast a protracted recovery from recession and interest rates at record lows until 'at least' the final quarter of next year.

Nationwide also said it expected rising unemployment would 'inevitably' push house prices downwards in 2010.

The gloomy predictions came as the UK's biggest building society's underlying pre-tax profits slid to £117m sterling in the six months to September 30 - 63% below last year's £322m.

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