UK companies to slash dividends

Some of Britain’s biggest companies will “take the axe” to dividends this week, reportedThe Times. Amid increasing fears that the current global economic slowdown might be the worst since the Oil Shocks of the 1970s, investors in some of the UK’s largest corporates will see their payouts fall “considerably”. Bovis Homes, Taylor Wimpey, Pendragon and Johnston Press are among those expected to lead the declines as they strive to cut costs and maintain growth.