ofshore

Interesting hypothesis but incorrect IMO. ZIRP was created by governments not markets for two reasons: 1. It's the real part of the bank bailout that MSM don't comment on much 'cos it's boring - banks get the 0%, all their new customers and some of the old get 5%-15% and the profit rebuilds the bank balance sheet. 2. It was the soft landing solution to GFC1. It has avoided many overleveraged creditors from becoming insolvent and instead allowed some of them to slowly unwind their positions, others will still go bust as the rates now rise. IMO you are making the mistake of assuming that ZIRP are here to stay forever. A similar mistake made by those who say stooopid house prices are here to stay forever. What next? IRs up. E.g. Eurozone euribor. Was 0.4% Now 0.8% and rising fast. http://www.suomenpankki.fi/Stats/default.aspx?r=/tilastot/markkina-_ja_hallinnolliset_korot/euriborkorot_pv_chrt_en

It would be **SEEN AS** a rise if they managed to get some spin doctors to actually present it as returning to a normal healthy economy rather than what Gordon created. The problem I have with the article is the assumption that the UK economy will recover any time soon. Asia and latin America are now booming again, Europe is doing OK in part on German-French-Italian exports to booming countries , UK and US have the same mess they had before because the fundamentals haven't been fixed.

This is very true. The [lack of] differential between basements and non-basements could probably be used as an indicator of how buoyant the market is. Ditto the differential between Hackney and Islington. Suspect in this case it will turn out to be how buyont one Hackney EA *thinks* the market is.

Figure that realy stands out to me is HMRC 39bln. Are they doing more than just collecting taxes - ie admin?

<mumsnetmode>isn't spending review day the day I'm supposed to go and review what I can spend?</mumsnetmode>

Clear sign of intention to bring everything back into line by allowing prices to rise, the pound to plummet and everything that has a too-high bubble valuation (like BBC salaries) stagnate until the appropriate value is reached. http://www.bbc.co.uk/news/entertainment-arts-11572171 Does that mean we can expect it to stop being propaganda and start being quality news presenting the best of quality British broadcasting? .. or not?