Sunday, May 14, 2006
Serene Economy will sail Brown into his very own Labour election victory
TimesOnline: Is it springtime for Gordon?
Last years property worries are rapidly fading as the housing market has been gaining strength as house prices, mortgage loans and approvals move higher.
Posted by denzil @ 10:16 AM (251 views) Add Comment
7 Comments
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1. harold said...
Oh everything's coming up roses! However as we all know, roses grow best in BS.
2. Uncle Tom said...
This piece was written a week ago, and already looks dated.
The manufacturing output increase gives the impression that all is rosy at the nation's few remaining factories.
Actually, not. - It's down to the fact that oil production is counted as manufacturing, and is a combination of increased prices and the oil companies sucking the last drops out of the North Sea as fast as they can.
3. Paul said...
This article is a) written by an eternal optimist who predicted that oil prices would "fall back to around $40 a barrel in 2006", b) the piece is at least a fortnight old now and c) that was before the "tremor before the storm" on Friday where the FTSE alone wiped £20bn off its value.
David Smith has tried to argue for a while now that Britain's never had it so good. The trouble is that no-one believes him.
4. bidin'matime said...
"It becomes possible that the four members of the MPC who were unhappy with last August’s rate cut, from 4.75% to 4.5%, will succeed in clawing it back. We are, I hope, some way from that."
You can’t have your cake and eat it - after gushing about how spring has sprung (mainly on the back of the IR cut), he wants to put off the inevitable rise that is needed to put the brakes back on all this credit fuelled lunacy. There is no doubt that last year's cut will be compared by economic historians to Geoffrey Howe's cut back in 1988, which back then pushed the property market over the brink.
5. uncle tom said...
Err - Nigel Lawson was chancellor in '88.
It was the spring when interest rates were risng by 1.5% a month, and dual tax relief was abolished on August 1st - that was the last straw, although it didn't really come home to roost until a couple of years later.
6. bidin'matime said...
Thanks for the correction Tom. I'm sure it was Geoffrey's idea, though.
7. uncle tom said...
Not sure - Howe had a lasting grudge after Maggie sacked him as chancellor. It was he who made the killer speech in the house that precipitated her demise.
Lawson got off to a good start, but got intoxicated by his position - a little bit of history that is repeating itself at No.10