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Guest growl

Sky News Tells It How It Is

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Guest growl

I've been watching (listening to )sky news business all afternoon and the usual chap was commenting on the ftse climb and how it hadn't been this high for 14 months. Yet he was not pleased about it. I know the oil price is climbing but he is usally not that glum.

Then tonight after toiling away at my work. I thought I'd check out the HPC news blog and found a nice little piece about the interest rate cut that is supposed to be coming. From sky news Money. Check it out it is very bearish.


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Some perspective from the Sky article...

"In July 2004, personal debt in the UK (made up of mortgages, personal loans, credit cards, overdrafts, etc.) totalled £1,012 billion. However, by June 2005, this figure had increased to £1,107 billion. In other words, our debt burden increased by £95 billion - almost 9½% - in just eleven months.

The cost of servicing this extra £95 billion debt (our annual interest bill) is roughly £6 billion a year. I reckon that it would take perhaps four quarter-point cuts in the base rate to slash this amount from our annual interest bill. What's more, this assumes that our debt stops growing, which is highly unlikely, because we've become a nation of credit junkies!"

Thank you Sky for facing it. How rare to see such a shocking but true thing being said...

Edited by Starcrossed

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  • 301 Brexit, House prices and Summer 2020

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