While Britain’s economy, and related exchange traded funds (ETFs), may be relieved by a “stabilizing” housing market, British citizens are pained to see their favorite pub around the corner shut down.
The Royal Institution of Chartered Surveyors says the U.K. housing market is showing signs of “stabilizing” in May and subsequently the sterling pound advanced against the dollar, reports Yasuhiko Seki for Bloomberg. The pound also rose against 12 of 16 of the most-active currencies.
Last week, the sterling had its biggest weekly loss in three months as uncertainty racked Prime Minister Gordon Brown’s Cabinet and calls for him to quit.
Local British pubs are closing up shop, straining under market forces, higher taxes and lifestyle changes, writes Henry Chu for The Los Angeles Times. More than 2,000 taverns have closed down since March of last year, leaving 20,000 jobless.