British economy reported slowing

LONDON, Oct. 5 (UPI) -- British Chancellor Allistair Darling admits for the first time publicly that Britain’s economy is slowing as home prices begin to fall.

While insisting the British economy is in a “very strong position,” the chancellor said the economy’s prospects will be dealt a blow by the global credit squeeze, forcing him to downgrade forecasts for growth next year, the Times of London reported.

Meanwhile, Halifax, Britain’s biggest mortgage lender, said its regular survey showed that average national house prices fell by 0.6 percent in September, marking their first monthly fall since December.