Wednesday, May 14
A lot of glum faces when I dropped by Wickes yesterday. Pessimistic briefing notes aside, Redrow’s announcement that they’re axing hundreds of staff is the more obvious sign of a deepening housing crisis. I remember watching some dozen lads on a job during the last building recession. Everyone was aware that twice that number sat drinking tea in the local café, waiting on one of them to slip up so they could take his place. Whilst it’s not a good time for builders, if you’re thinking of having any work done on your home then this is the time do it. Redrow report reservations are 50% lower than the same time last year, and that punters who’d already signed up are now cancelling in record numbers. I appreciate mortgages are harder to come by, but suspect job insecurity is the primary reason. If government finances look grim, then so does the public sector’s future. But not until they’ve leached the last penny piece from us long-suffering tax-payers.
at May 14, 2008