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Nationwide warns of tough times for consumers

Nationwide warns of tough times for consumers

Business
Britain's biggest building society Nationwide has reported a fall in first-half profits and warned it could face tougher trading in coming months amid the squeeze on consumers.Pre-tax profits for the six months to the end of September fell 10% to £628m, though the lender said earnings would have increased but for one-off gains reported in the same period last year.Nationwide said it was expecting the UK economy to continue to grow, though at a slower rate "due to the uncertainties around Brexit".Chief executive Joe Garner said: "The second half may bring tougher trading conditions, but we remain well placed to stand by our members in these uncertain times."The building society reported that gross mortgage lending fell by 5% to £16.7bn while impairment losses - a charge related to debts tha