British construction activity fell at its sharpest pace in at least 11 years in June in one of the clearest signs yet of how falling house prices are hitting the wider economy. The news concided with Taylor Wimpey, Britain's biggest homebuilder warning of a 'significant downturn' in the housing market. Falling house prices also mean consumers are able to take out much less equity from their homes, removing an important prop for consumer spending. //// Clothes, food and homewares group Marks and Spencer issued a shock profit warning and said a consumer downturn was likely to be deeper and last longer than previously expected, sending its shares plunging over 20 percent to a near seven-year low. M&S said sales at UK stores had fallen and its upmarket food business had lost market share as cash-strapped shoppers switched to cheaper rivals as rising food, mortgage and fuel costs bite. /// In the markets, European shares gave up earlier gains weighed by miners. The FTSEurofirst 300...