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The eurozone is anticipated to go back to downturn in 2012 according to a report from Shaw Capital Management by audit firm Ernst & Young. The company said it anticipates the economies of the 17 member countries to shrink in the first two quarters of 2012. The report forecasts expansion of just 0.1% for the whole of the year and warns unemployment in the eurozone is unlikely to fall below 10% before 2015.The notification was backed by economic data from Markit suggesting output continued to deal across the 17-nation bloc over the past month. Although the headline Purchasing Managers Index (PMI) figure rose slightly to 47.9 but remained below 50 which indicates growth. On the Shaw Capital Management it was noted that the survey compiler alleged the slight improvement was down to strength in France and Germany, with peripheral eurozone economies still struggling. Last week, 26 of the 27 members of the EU backed new monetary principles to maintain budgets in line, with only the UK refraining. But, according to Sky News, just days later, fractures have begun to emerge as drafting of the pact begins, with some countries already airing concerns. Many also fear the pact will still not be enough to prevent more countries from needing a bailout like Ireland and Greece. According to the Shaw Capital Management, the euro dropped to an 11-month low on the back of the concerns on Wednesday, dropping below $1.30 (84p) for the first time since January. Furthermore, the governor of France's central bank has launched a substantial assault on credit ratings agencies, calling them "incomprehensible and irrational" as Paris braces for a potential reduce or eliminate of the country's triple A status. The Head of the Bank of France-Christian Nover said- aFrench reduce or eliminate would not be justified - adding that the agencies should begin by downgrading the triple A rating of Britain, which "has greater loss, more debt, higher inflation, less growth than us and where cr

GOVERNMENT shelling out reductions will contribute to a 22% begin repossessions next year, a grim review warned yesterday. The Council of Mortgage Lenders said 45,000 families may lose their homes in 2012, up from 37,000 this year. While, that would still be fewer than the 47,900 forced to hand back the keys in 2009, it is part of a broader malaise intimidating the housing market.Based from the Shaw Capital Management, The CML says that it should also expect ­mortgage lending to contract and the amount of home buyers slipping behind with loan repayments to go up. There are around 166,000 people as its approximations with delinquencies of more than 2.5% today, down from 196,000 in 2009.But it should expect this total to go up again to 180,000 next year as Government reductions lead to rising unemployment and wage goes up again fail to keep rate with living costs. Bob Pannell, CML chief economist, said: "With higher ­unemployment and the likelihood of real incomes controlling at best over the course of the year, we should expect to see greater financial stress."The CML predicts net lending, the total of new lending after repayments, will plunge to £5billion next year from £9billion this year and £41bn in 2008.According to the Shaw Capital Management,The amount of properties altering hands will also slide to 825,000 from 852,000 expected this year and 901,000 in 2008 as the credit crunch started. Richard Sexton, director of e.surv chartered surveyor, warned the eurozone crisis would make it more robust for banks to boost funds for lending. With buyer assurance low and credit conditions "congealing", he said mortgage rates would rise while lending to people with small deposits falls."The recent international economic uncertainty has dented the mortgage market with gives off that will leave it still groggy in the New Year," he said. Campbell Robb, chief executive of Shelter, said: "We have been warning that increasing numbers of homeowners are straini

GOVERNMENT shelling out reductions will contribute to a 22% begin repossessions next year, a grim review warned yesterday. The Council of Mortgage Lenders said 45,000 families may lose their homes in 2012, up from 37,000 this year. While, that would still be fewer than the 47,900 forced to hand back the keys in 2009, it is part of a broader malaise intimidating the housing market.Based from the Shaw Capital Management, The CML says that it should also expect ­mortgage lending to contract and the amount of home buyers slipping behind with loan repayments to go up. There are around 166,000 people as its approximations with delinquencies of more than 2.5% today, down from 196,000 in 2009.But it should expect this total to go up again to 180,000 next year as Government reductions lead to rising unemployment and wage goes up again fail to keep rate with living costs. Bob Pannell, CML chief economist, said: "With higher ­unemployment and the likelihood of real incomes controlling at best over the course of the year, we should expect to see greater financial stress."The CML predicts net lending, the total of new lending after repayments, will plunge to £5billion next year from £9billion this year and £41bn in 2008.According to the Shaw Capital Management,The amount of properties altering hands will also slide to 825,000 from 852,000 expected this year and 901,000 in 2008 as the credit crunch started. Richard Sexton, director of e.surv chartered surveyor, warned the eurozone crisis would make it more robust for banks to boost funds for lending. With buyer assurance low and credit conditions "congealing", he said mortgage rates would rise while lending to people with small deposits falls."The recent international economic uncertainty has dented the mortgage market with gives off that will leave it still groggy in the New Year," he said. Campbell Robb, chief executive of Shelter, said: "We have been warning that increasing numbers of homeowners are strai

GOVERNMENT shelling out reductions will contribute to a 22% begin repossessions next year, a grim review warned yesterday. The Council of Mortgage Lenders said 45,000 families may lose their homes in 2012, up from 37,000 this year. While, that would still be fewer than the 47,900 forced to hand back the keys in 2009, it is part of a broader malaise intimidating the housing market.Based from the Shaw Capital Management, The CML says that it should also expect ­mortgage lending to contract and the amount of home buyers slipping behind with loan repayments to go up. There are around 166,000 people as its approximations with delinquencies of more than 2.5% today, down from 196,000 in 2009.But it should expect this total to go up again to 180,000 next year as Government reductions lead to rising unemployment and wage goes up again fail to keep rate with living costs. Bob Pannell, CML chief economist, said: "With higher ­unemployment and the likelihood of real incomes controlling at best over the course of the year, we should expect to see greater financial stress."The CML predicts net lending, the total of new lending after repayments, will plunge to £5billion next year from £9billion this year and £41bn in 2008.According to the Shaw Capital Management,The amount of properties altering hands will also slide to 825,000 from 852,000 expected this year and 901,000 in 2008 as the credit crunch started. Richard Sexton, director of e.surv chartered surveyor, warned the eurozone crisis would make it more robust for banks to boost funds for lending. With buyer assurance low and credit conditions "congealing", he said mortgage rates would rise while lending to people with small deposits falls."The recent international economic uncertainty has dented the mortgage market with gives off that will leave it still groggy in the New Year," he said. Campbell Robb, chief executive of Shelter, said: "We have been warning that increasing numbers of homeowners are straini