Wednesday, May 27, 2009
Good news!
BBC News: Uncertainty 'keeps borrowing low'
It's good news. After years of unsustainable borrowing, there are clear signs that consumers are trying to live within their means - except this is presented as a bad news story..
Posted by uncle tom @ 10:34 AM (891 views) Add Comment
5 Comments
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1. timmy t said...
"Ashley Brown, managing director of mortgage broker Moneysprite, said: "Even if people have the funds at their disposal, to actually commit in this turbulent, uncertain market is a leap of faith that many are simply unwilling to make. This is a demand-led, as much as a supply-led slowdown."
Hurrah - someone said it!!
2. paul said...
Indeed, this story could have been more correctly titled 'Rationality returns to lending market'.
But no, the state media insists, comrades, that this return to normality is a Very Bad Thing.
3. doomwatch said...
More "green shoots" then:
"Net mortgage lending by the UK's major banks of £2.7bn in April was at its lowest level for eight years."
UK public: Keep switching onto Britain's Got Telent and boozing yourselves to death, you stupid tax paying morons.
4. nomad said...
Personal survey. I noticed a dearth of 09 reg cars earlier in the year but in the last month there has been a rush of them on the roads. A large section of the population do have money to spend - those on tracker mortgages and those who have switched/been switched to repayment mortgages following a fixed period.
But I have thought for a long time now, that consumers are being far more sensible about lending than the government would like us to be.
5. crunchy said...
The spin continues.
Try keeping the public happy by making them think the bailouts are working in the publics favour, whilst putting that money into the more liquid markets and making a faster return.