Slow growth rate forces banks to increase repossession expectations

Last week's dismal growth estimates have caused UK banks to increase their repossession expectations to 40,000 - the same level experienced at the height of the recession in 2008. Following the growth estimate of 0.5% for the first quarter of the year, banks told consumers they were "not confident" they could lower repossessions and arrears to the same extent they could in 2010.