Bank shares in Britain tumble

LONDON, July 8 (UPI) -- Shares at British bank Bradford & Bingley tumbled more than 17 percent in value Tuesday, raising frustration among shareholders, observers said.

The bank recently refused to deal with investment firm Resolution, which was ready to run the bank and said it could raise $786 million from large investors, the Times of London reported Tuesday.

Instead, B&B turned to U.S. equity firm TPG for capital, but the deal fell through after four days of negotiations, the report said.

The bank's troubles echo troubles in the greater British economy, the report said.

The British Chamber of Commerce said Tuesday sales and confidence in the country's service sector, which makes up 75 percent of the economy, has fallen to levels of the recession of the 1990s, the Times reported.