Sunday, 28 December 2008

More credit crunch conundrums

Allan Murray's empty "Cube" on Leith Street.

Britain's banks face up to £70bn of losses on commercial property loans, enough to force some of them into a further round of taxpayer bail-out.

Article in Daily Telegraph here

That is all the shops and luxury office blocks that are lying empty all over the place. Why would we need to add more to the glut? Perhaps Allan Murray won't get to build more luxury offices, shops and apartments in every gap site in Edinburgh. Do we really need Caltongate? Is there £300 million still there to invest, without the shops and offices will Sofitel mwant to go ahead? All these questions the Independent Republic wonders when they will get answered.

Will there be more Caltongate credit crunch conundrums in 2009?