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UK's value is down pounds 177bn.

THE total value of the UK has fallen for the first time since 1992.

The Office for National Statistics report, which adds up the value of buildings, roads and financial assets among other things, said the UK was worth pounds 6.95trillion at the end of 2008.

That is down pounds 177billion , two per cent on a year earlier.

Housing continued to be the most valuable asset with a total value of pounds 3.92trillion.

But the fall in property prices over the last year meant this was a fall of nine per cent on the previous year. Some pounds 3.69trillion belonged to households and non-profit organisations.

The liabilities of financial firms and central government were pounds 112billion and pounds 261billion respectively.

The report also estimated total depreciation of pounds 151billion in 2008, of which plant and machinery accounted for 33 per cent.

The total cost of replacing all of the country's assets would be pounds 3.01trillion at current prices.

The report also showed that the value of nonfinancial assets increased from pounds 533billion in 1948 to pounds 2.88 trillion in 2008.
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Title Annotation:Features
Publication:Daily Record (Glasgow, Scotland)
Date:Aug 4, 2009
Words:185
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