British banks write off $31 billion in first-half mayhem

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LONDON (BLOOMBERG) - British lenders have offered a taste of how much the worst recession in centuries is going to cost. The bill's already at 17.2 billion pounds (S$30.95 billion).. Read more at straitstimes.com.

LONDON - British lenders have offered a taste of how much the worst recession in centuries is going to cost. The bill's already at 17.2 billion pounds .

The provisions are required under accounting rules, but also reflect concerns about how British households are going to cope with what the Bank of England has said could be the worst downturn in 300 years. The largest single source of the increase was the UK, which accounted for US$1.45 billion of the US$3.8 billion of the group's second-quarter charge.

 

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