Taylor Wimpey slashes dividend policy as cash pile halves

Taylor Wimpey has slashed its shareholder payouts policy after a prolonged housing market downturn eroded profits and almost halved its cash pile.
The house builder has cut its annual distribution policy from its previous level of 7.5% to 4% of net assets, saying the move is needed to preserve balance sheet strength and financial flexibility as weaker market conditions continue.
Half-year results showed net cash fell 48% to £169m from £327m a year earlier, while adjusted operating pr