So having said yesterday to watch out for something closer to home, here are.
This morning, Scottish Equitable have closed the exits on some of their funds because of a rush to withdraw cash from its commercial property funds. They have now introduced a 12 month delay to get your money back.
The fund managers are already blaming the rush to the exits on worries about US sub-prime mortgages, the threat of recession and interest rates.
Friends Provident did just the same in December.
Because it can take a while to realise assets the amount of withdrawals has got to the point where they need to sell off buildings just to raise enough money to make the payouts.
The crunch is creeping closer.....
How long is it going to be before a corporate b2b organisation starts increasing their prices due to credit squeezes ?Not long I will wager.
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