10:45 - The credit crunch has wiped out an average of £40,000 of wealth for each adult in the UK since July 2007, according to PricewaterhouseCoopers. Wealth from housing and equities is estimated to have fallen by 28% with the average UK house price having fallen by around 20% while the stock markets have lost around 40% since mid-2007. John Hawksworth, head of macroeconomics at PricewaterhouseCoopers, says: 'The knock-on effect of this level of wealth destruction will result in significantly more belt tightening and reduced spending by households over the next year and this situation could be exacerbated by expected further falls in house prices over this period. 'Nonetheless as we begin to see the positive effects of recent interest rate cuts, planned money supply increases and fiscal stimulus measures coming through, we would hope to see a gradual economic recovery taking effect later in 2010 and beyond. Alot of money lost hey! Yes barry but when, in the meantime Dookie needs to unban himself now for some light entertainment.
