Church slumps despite property values

The rise in property values have helped the Church of England offset falls in stocks and shares. But it saw £400m wiped off the value of its assets last year to just over £3.5bn. The Church Commissioners said they had sold land at the Metro Centre shopping complex in Gateshead, to Marks & Spencer and offices in Westminster. They are operating a rainy-day climate, when property assets might have to be sold. They said even the Commissioners headquarters in Millbank, central London, was not sacrosanct. References: The Times 13/02/03 page 10, The Daily Telegraph 13/02/03 page 13, The Independent 13/02/03 page 6