£245bn 穴を開ける in telecoms 衝突，墜落

By James Mclean
Updated: 00:00 BST, 8 August 2001

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THE MELTDOWN in the value of Britain's 最高の，を越す telecoms companies since the 頂点（に達する） of last year's 株式市場 にわか景気 now easily 越えるs the 連合させるd 年次の 価値（がある） of the スイスの and Irish economies.

The nine largest 名簿（に載せる）／表（にあげる）d British telecoms 会社／堅いs, hard 攻撃する，衝突する since the 科学（工学）技術 部門 began it s 降下／家系 from historic highs 18 months ago, have now lost £245bn in value after an 普通の／平均（する） 60% 落ちる in their 連合させるd 株式市場 capitalisation in 18 months.

However, the unparalleled wealth 破壊 attributable to market heavyweights British Telecom, Vodafone and Cable & Wireless, has created the market's biggest 黒人／ボイコット 穴を開ける.

The value of these three companies has 宙返り／暴落するd 49%, 54% and 73% それぞれ since the 科学（工学）技術 にわか景気 ran out of steam. The 落ちる has wiped £192bn from their 連合させるd 価値（がある） - more than the 甚だしい／１２ダース 国内の 製品 of Sweden, the European Union's seventh largest economy.

The 部門's 低迷 has seen groups such as Kingston Communications and Thus 減少（する） out of the FTSE 100 索引 of 主要な 株 and now 脅すs former market 巨大（な）s Colt, Energis and Telewest with demotion to the FTSE 250. 追加する these 落ちるs in value to those of Marconi and 主要な computer companies Logica, CMG, 下落する and Misys and the wipe-out is の近くに to equalling a third of Britain's $1.4 一兆 (£992bn) GDP last year.

Commerzbank 経済学者 Peter Dixon, said that 除外するing-house prices, 拒絶する／低下するing 株 values are biting into the 普通の／平均（する） family's wealth. Stripping out 所有物／資産／財産, the bank reckons that 世帯 財政上の wealth at the end of March was £2.11 一兆, 負かす／撃墜する 12% from a 頂点（に達する） of £2.39 一兆 in the fourth ４半期/4分の1 of 1999.

'The dotcoms were just the froth on the バーレル／樽, now it's some of the big companies that have taken a 攻撃する，衝突する, companies which until a year ago were regarded as very 安全な, solid performers. You could argue that prices were over-inflated but overvaluation in the UK market was far いっそう少なく than in others,' Dixon said.

The data also を強調するs the importance of rising house prices, up 11% in the year to the end of July, on British 消費者 spending habits. While 製造業の is now 公式に in 後退，不況, rising house prices have helped 燃料 a High Street spending spree that has 供給するd the major impetus for continuing 経済成長.