Interest rates up 0.5%!

[A Quiet Monkfish]

Re: Interest rates up 0.5%!

Environment
Brexit
Lack of investment in core industries such as steel manufacturing etc
Economy
Etc etc

Well let's pass on Brexit - that's been done to death on here. I'm no expert on steel but haven't we been shelling out £millions for decades to keep production going ? I've done nothing to harm the environment any more than the 20-30yr olds today, and the economy ? Let's try and forget party politics if we can, but since 2000 we've had a really good couple of decades. Less of the MCG please !

[A Quiet Monkfish]

Re: Interest rates up 0.5%!

Two options:

1) As a country's population grows, so does house building, infrastructure, NHS services, schools etc to cope, creating more jobs and tax revenues as a result

2) As a country's population grows, don't build more housing and infrastructure and moan when services can't cope, resulting in workers struggling under pressure in their jobs.

Another question - how would you feel if, instead of immigration coming into the country, the UK had a sudden population boom. Would you feel the same about housing?

The net immigration to the UK over the past decade is 2,000,000. The UK has built 1.8 million homes. So there should be enough - in broad terms anyway. But only a tiny majority of those 2,000,000 are taking out mortgages and living in their 'own' homes;. They are either renting privately or through PSH. This pushes rents up from the bottom. A big change in the last 15-20yrs is the number of single people buying homes and living alone. Again this puts pressure on supply and prices go up. Finally, for 14 years interest rates have been ridiculously low following the 2008 crash. Buying a home - or perhaps put better - paying a mortgage - had never been so cheap. Again, this pushes prices up.

[North Cardiff Blue]

Re: Interest rates up 0.5%!

Are there any more topics other than football, economics and politics that you also haven't got a clue about?

He's right about the gold, haven't noticed his football knowledge!

[Doucas]

Re: Interest rates up 0.5%!

The net immigration to the UK over the past decade is 2,000,000. The UK has built 1.8 million homes. So there should be enough - in broad terms anyway. But only a tiny majority of those 2,000,000 are taking out mortgages and living in their 'own' homes;. They are either renting privately or through PSH. This pushes rents up from the bottom. A big change in the last 15-20yrs is the number of single people buying homes and living alone. Again this puts pressure on supply and prices go up. Finally, for 14 years interest rates have been ridiculously low following the 2008 crash. Buying a home - or perhaps put better - paying a mortgage - had never been so cheap. Again, this pushes prices up.

This is 100% wrong.

[North Cardiff Blue]

Re: Interest rates up 0.5%!

The net immigration to the UK over the past decade is 2,000,000. The UK has built 1.8 million homes. So there should be enough - in broad terms anyway. But only a tiny majority of those 2,000,000 are taking out mortgages and living in their 'own' homes;. They are either renting privately or through PSH. This pushes rents up from the bottom. A big change in the last 15-20yrs is the number of single people buying homes and living alone. Again this puts pressure on supply and prices go up. Finally, for 14 years interest rates have been ridiculously low following the 2008 crash. Buying a home - or perhaps put better - paying a mortgage - had never been so cheap. Again, this pushes prices up.

House prices will go down now, it's house price inflation that interest rate increases specifically target, and it slows the economy as people stop borrowing to extend and stop remortgaging while adding debt to buy cars and expensive holidays that they can't really afford.

[North Cardiff Blue]

Re: Interest rates up 0.5%!

This is 100% wrong.

He's 50% wrong paying a £100K mortgage has never been cheaper, as interest rates were at their lowest ever level.

[North Cardiff Blue]

Re: Interest rates up 0.5%!

For the fourth time on this forum I'll ask, what's the exact amount of wealth I should have before I can complain about inequality in the UK? I repeatedly get called a champagne socialist or told I'm just jealous of the wealthy.

So come on, step up and tell me.

You seem to like the idea of being a champagne socialist, if so you should have an upper class lifestyle a £1million house plus, £300K plus in the bank with an luxurious preppy lifestyle drinking champagne all the time, is that you?

I thought you couldn't buy a house because they are too expensive because all the hard working old people have bought them all, so cheap and it's so unfair?

[Lither_1927]

Re: Interest rates up 0.5%!

Truss thinks tax is the cause of the recession incoming

Sunak says its inflation

I don't like either of them as they are tory vermin but I think tackling inflation is the way to go

Truss is a right wing idiot who is calling for tax cuts across the board as its popular

Fancy a politician doing something because it's popular? Isn't that what happens in a democracy?

[TWGL1]

Re: Interest rates up 0.5%!

Truss thinks tax is the cause of the recession incoming

Sunak says its inflation

I don't like either of them as they are tory vermin but I think tackling inflation is the way to go

Truss is a right wing idiot who is calling for tax cuts across the board as its popular

Tory vermin …. it wouldn’t matter what policies they brought in whether good or bad just because of the party they represent.

I’d never vote for the current Labour government under Starmer.

[Lither_1927]

Re: Interest rates up 0.5%!

Two options:

1) As a country's population grows, so does house building, infrastructure, NHS services, schools etc to cope, creating more jobs and tax revenues as a result

2) As a country's population grows, don't build more housing and infrastructure and moan when services can't cope, resulting in workers struggling under pressure in their jobs.

Another question - how would you feel if, instead of immigration coming into the country, the UK had a sudden population boom. Would you feel the same about housing?

Ah right, so it's infinite GDP chasing population growth until Britain is covered in concrete? Lol

[the other bob wilson]

Re: Interest rates up 0.5%!

He's right about the gold, haven't noticed his football knowledge!

He's right that Gordon Brown sold UK gold reserves between 1999 and 2002 (so it can hardly be seen to have caused what happened in 2009), but it was only about half of them, not the lot as he states.

[Doucas]

Re: Interest rates up 0.5%!

You seem to like the idea of being a champagne socialist, if so you should have an upper class lifestyle a £1million house plus, £300K plus in the bank with an luxurious preppy lifestyle drinking champagne all the time, is that you?

I thought you couldn't buy a house because they are too expensive because all the hard working old people have bought them all, so cheap and it's so unfair?

No it isn't me, but I've been told on this forum I am a champagne socialist, I've also been told I'm just jealous. All I've said is I'm doing alright.

So for the fifth time, what is the exact amount of wealth I should have before I can complain about inequality.

Where did I say I couldn't buy a house? Is it harder to buy a house now than it was in the 70s, yes or no?

[SLUDGE FACTORY]

Re: Interest rates up 0.5%!

Tory vermin …. it wouldn’t matter what policies they brought in whether good or bad just because of the party they represent.

I’d never vote for the current Labour government under Starmer.

And I would never vote Tory

You clearly would

[SLUDGE FACTORY]

Re: Interest rates up 0.5%!

Fancy a politician doing something because it's popular? Isn't that what happens in a democracy?

It's not going to do anything at all to deal with this recession

She's lying and she's full of shit

And the next prime minister

[Doucas]

Re: Interest rates up 0.5%!

Gordon Brown sold off all our gold reserves for a start, against everyone's advice and cost the country billions. You try to wriggle your way out of the mess Labour made of the economy by blaming it on a worldwide crash (which was at least partly caused by the actions of a labour government anyway) whilst at the same time blaming the Tories for the recent problems with the economy which have been caused by Covid and a war in Ukraine. Make your mind up. Labour backed most of the measures related to Covid and the war but notably voted against the will of the British people all the time during Brexit.

What I find fascinating with the tories on here is the weighting they place against various issues. So for example we have a £50 billion brexit bill to pay in addition to the £31 billion+ brexit is estimated to have cost in lost trade as of Q1 2021 (source - https://www.itv.com/news/2022-06-09/...research-finds) and probably a lot more on top of that, but this isn't a problem.

In addition the tories have added on around £1.4 TRILLION to the debt pile (the majority of this was before covid) via economically illiterate policies, this isn't a problem either.

But Gordon Brown cost us what, £10 billion 15 years ago and this is the problem! Incredible stuff.