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Business headlines at 16:23

Fury At HSBC Job Cull 'Disgrace'
Union leaders have reacted furiously to news that banking giant HSBC is to axe more than 500 UK jobs.

Massive Fall In Mortgage Lending
Mortgage lending collapsed in October, as it dived by nearly 70% over the month to reach the second lowest figure on record, the Bank of England said.

Fears Over Ryanair's Takeover Bid
A union which represents Aer Lingus staff says it has major concerns about Ryanair's new takeover bid for the airline.

One In Six Brits Can't Repay Debt
One in six Britons feel they cannot afford to repay their debts as household borrowing soars to £1.5 trillion, research has revealed.

'Ten Firms Targeting Woolworths'
Around 10 businesses are thought to be in the running to buy parts of collapsed high street chain Woolworths.

London Scottish Bank Goes Bust
Specialist financial services company London Scottish Bank has announced that it has gone into administration.

Will VAT Cut Make Us Spend More?
Customers should find goods now cost less after shops and businesses across the UK cut their VAT rates from 17.5% to 15%.

Huge Threat To Manufacturing Jobs
Tens of thousands of jobs are set to be axed as the manufacturing sector faces its worst conditions for 20 years, new research suggests.

Movies Set To Boom In 'Recession'
With the latest instalments of big franchises on the horizon - including Harry Potter releases due in 2009 and 2010 - the film industry is predicted to prosper in the expected recession.

Breathing Space For RBS Borrowers
Borrowers who fail to keep up with mortgage repayments will be given a six-month breathing space by the Royal Bank of Scotland.