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Taylor Wimpey made a pre-tax loss of £1.9bn last year as the average value of its UK home fell by 11pc and sales volumes dried up.

Speaking to The Daily Telegraph, Pete Redfern, the chief executive, said the downward pressure on house prices has been exacerbated amid the financial crisis by valuers not judging properties on their present value, but prejudging future falls.

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Meanwhile, as expected, Taylor Wimpey’s Eurobond holders yesterday approved the refinancing of its £1.57bn of debt. The shares rose ½ to 45p as a result.

The new deal reduces the risk of a breach of covenants and encourages Taylor Wimpey to raise more than £350m in new equity. Its interest payments would be significantly lower in such circumstances.

Read more: Taylor Wimpey boss questions valuations as debt deal is struck

VIENNA, April 30 (Reuters) - Indebted Austrian car parts maker Polytec (POLV.VI) said on Thursday it had struck a deal in principle with its creditor banks to stave off a looming insolvency.

The group, creaking under 345 million euros ($459 million) of net debt, part of which was taken on to buy German peer Peguform last year, said it would present details of the plan after approval by all parties.

Read more: Polytec says has bank deal to avoid insolvency

The price of British Government bonds plunged within minutes of the Chancellor sitting down as the Debt Management Office (DMO) revealed that it would be tapping investors for a much bigger than expected £240 billion this year.

The need for immediate extra government borrowing was far more urgent than most analysts had predicted.

“It’s massively worse than expected,” said Shahid Ikram, head of sovereign products for Aviva Investors.

The median forecast among City experts was for the Government to issue £180 billion of gilts this year. But the DMO, which raises money for the Treasury by issuing bonds, said that it would issue £220 billion of bonds this year plus £20 billion of shorter-dated Treasury bills.
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Budget - Industry and market reaction

Here are some of the most common IVA FAQs, compiled and answered.

• How Long Does an IVA Take?
• IVA Pros and Cons
• Debt management plan or IVA?
• How does an IVA work?
• How much debt do I need to qualify for an IVA?
• Bankruptcy v IVA - Which is better?
• IVA or Trust Deed: which is right for me?
• What do I do if I can’t keep up with my IVA?
• Debt consolidation v IVA – Which is better?

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