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crash 2005

Debt Has Broke Through The £1.1 Trillion Barrier

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click the following

http://www.creditaction.org.uk/debtstats.htm

At the end of June 2005 the total UK personal debt was £1,107bn. The growth rate remains strong at 11.1% for the previous 12 months. 2004 saw the largest single-year increase in debt (£116bn) since the Bank of England was founded in 1694.
The number of first-time buyers in the housing market during May shrunk by more than half that of the previous month, reports the National Association of Estate Agents (NAEA) and stood at 10.9% of all buyers.
Edited by crash 2005

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The growth rate remains strong at 11.1%

And the BOE sees fit to reduce rates and encourage more borrowing to keep the economy healthy.

Meanwhle the price of oil is still rocketing.

Good job there's no inflation. :o

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The BoE put rates upto 4.75% to slow down the amount of borrowing but since rates hit 4.75% as a nation we've piled on another £100billion in debt which doesn't look much like slowing borrowing to me. With 11% more debt since rates hit 4.75% it's easy to see what little impact a cut of .25% will have.

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so they cut the rate of lending to encourage more useless spending. - which isnt happening at all.

just how thick are they ?

i really think they dont have a clue.

Beat me to it. The lunatics are running the asylum.

They seem to be of the view that becuase debt take up was marginally down from the absurd levels of 2002/2003/2004 that they had done their job. You only have to look at the levels outside of this period of myopic money printing to relaise that the debt levels were still way way above any historical norm.

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Interesting. So in 2004, borrowing increased by around 10% of GDP.

Meanwhile, GDP only increased by around 3%.

So it took around three pounds of borrowed money to create one pound of GDP growth.

Scary, isn't it?

(Note, these figures are rough numbers off the top of my head, so correct me if I'm wrong).

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right_freds_dead, your avatar is scaring me.

I work directly in the shadow of the Telecom Tower and by the looks of things I'm about to be crushed by a giant kitten.

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so they cut the rate of lending to encourage more useless spending. - which isnt happening at all.

just how thick are they ?

i really think they dont have a clue.

I think they are well aware of the situation.

But things must be propped up for long enough for Gordon to get into No.10

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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