The UK reeled under the latest blizzard of dire news from the housing market today as business leaders warned the country was on the brink of recession. The British Chambers of Commerce's (BCC) warning came as housebuilder Persimmon cut 1,100 jobs amid plummeting sales and Government figures showed house price growth falling for the seventh month in a row. The growing pessimism spread to the stock market to push London's FTSE 100 Index into "bear market" territory - with shares at one point trading more than 20 per cent below last June's peak. Prime minister Gordon Brown insisted at the G8 summit in Japan he was determined to lead Britain through the current economic downturn, but acknowledged the "very difficult times" faced by the country. The BCC said the UK was "at serious risk" of recession as falling orders and rising...
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