By Daniel Hunter

The National Bank of Australia (NAB) have announced that they will cut 1,400 jobs at the Clydesdale and Yorkshire bank by 2015.

Following a strategic review of the UK operations, NAB have decided to downgrade their UK operations on the back of poor growth prospects in the UK economy.

The banks will pull out of commercial property lending and narrow their focus to consumer and small business lending in Scotland and the north of England.

"UK Banking's risk appetite will be modified and will no longer accommodate financing of property development or property investment, where the underlying purpose is to generate rental income and capital gains," NAB said.

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