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B & B give a poor outlook
03 June 2008
In a recent interview, Rod Kent - the struggling bank's chairman and acting chief executive - stated that he believed the UK was 'at the beginnings of a recession'. He also said that the faltering economy was responsible for Bradford & Bingley’s fall in profits.
Mr Kent added: “We initially believed the downturn might level out in the second half of this year. We now don't think that, we think it is getting worse, and it will get worse in the second half of the year'.
On a more positive note, Mr Kent claimed that the buy-to-let market remains a fundamentally attractive business, arguing: 'Rents are still going up [and] our in-house surveys show that the buy-to-let investors see a downturn as an opportunity.'
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