Jump to content
House Price Crash Forum
Tired of Waiting

John Humphrys Interviewed Nick Clegg

Recommended Posts

Sounds like they want to delay to have a chance to sell their houses :lol::lol::lol::lol:

The cuts should be well under way.

The UK debt is still increasing....the collapse is stillgetting nerarer.

They have made the right noises but they are becoming an ineffectual government.

Share this post


Link to post
Share on other sites

John Humphrys interviewed Nick Clegg this morning (Thursday 09/09/2010), on BBC, Radio 4, Today Programme:

http://www.bbc.co.uk/programmes/b00tky8v

At 8:10AM = 2hrs 10 min into the program

Cuts will start in April 2011, and be around 6%/year, totalling 25% in April 2014.

At a minimum, they will not do this in the last year before an election, so that's 18% max. I doubt they have the nerve to actually achieve even half. The biggest public sector backlash of all time is coming soon after the cuts are announced.

Share this post


Link to post
Share on other sites

John Humphrys interviewed Nick Clegg this morning (Thursday 09/09/2010), on BBC, Radio 4, Today Programme:

http://www.bbc.co.uk/programmes/b00tky8v

At 8:10AM = 2hrs 10 min into the program

Cuts will start in April 2011, and be around 6%/year, totalling 25% in April 2014.

I heard bits of that, and thought Clegg did rather well. Humphrys was in full bullying mode, but Clegg disarms it by giving frank answers for as long as he could get a word in edgeways.

The days of interviewees who blatently ignore the question and spout an unconnected party line may have gone with the passing of NuLab. Good riddance.

Share this post


Link to post
Share on other sites

John Humphrys interviewed Nick Clegg this morning (Thursday 09/09/2010), on BBC, Radio 4, Today Programme:

http://www.bbc.co.uk/programmes/b00tky8v

At 8:10AM = 2hrs 10 min into the program

Cuts will start in April 2011, and be around 6%/year, totalling 25% in April 2014.

So if that is all they are going to do then the "HPC will be driven by cuts" argument looks a little less sturdy!

cheers

J

Share this post


Link to post
Share on other sites

So if that is all they are going to do then the "HPC will be driven by cuts" argument looks a little less sturdy!

cheers

J

Excuse me but 6% cut in public spending per year for 4 years is bigger than massive, unprecedented and frankly scary in the UK, and will fundamentally change the whole economy including the housing market. I hope they can achieve it.

Edited by ElPapasito

Share this post


Link to post
Share on other sites

Effect does not even need to come from nominal reductions in public spending. All it needs is reduction if GROWTH of public spending. I do not expect 25% cuts to come at all. But it will not matter as cut in growth will mjake all the difference needed.

Share this post


Link to post
Share on other sites

6% of spending or 6% of GDP?

Either way given we're borrowing double that each and every year it seems pretty piecemeal to me.

Its 6% of spending. 6% of GDP would be huge.

It sort of sounds reasonable but then you have to realise that Thather only held public spending level as a percentage of GDP during the early 80s.

When people esp. leftwing ones talk they make it sound like public sector spending was halved. It was not.

6% is a big cut. Then 6% the next year. 6% the year after and then the next year.

And after this the UK will still be relatively high spending country. It really puts the mess GB did from 2002->2008 into context.

Where did it go? - public sector jobs. Huge numbers have joine the public sector over the last 8 eyars (1m). I would guess an equal number of dependent - all those charities that get all their funding from the government, arty stuff, etc.

Rought guesstimate - 2M jobs to go.

Share this post


Link to post
Share on other sites

6% of spending or 6% of GDP?

Either way given we're borrowing double that each and every year it seems pretty piecemeal to me.

6% of gov. spending, or the equivalent of about 3% of GDP.

In 2009-10 gov. revenues were £496bn, but spendings were £671bn.

The government plan is to keep interest rates as low as possible, to allow the private sector to grow enough to compensate the cuts.

But that means the private sector will have to grow by 6%/year too, or around 3% of GDP. Not easy. Unfortunately, there is no alternative. We run out of cash, a long time ago actually, and we are now close to run out of credit too. It is an all-mighty mess. Let's just hope (and pray) it works. As there is absolutely no viable ( = sane) alternative.

If the BoE prints more, the lenders will stop lending in sterling. (Who will be stupid enough to buy bonds in sterling? Or what interest rates would be enough to attract buyers?)

If the government keeps running fiscal deficits, the lenders will also stop lending (As above.)

It is indeed an almighty mess.

Share this post


Link to post
Share on other sites

Does he keep using the word "real" before every mention of cuts?

If so, expect no change in spending and inflation at 6%.

Share this post


Link to post
Share on other sites

Does he keep using the word "real" before every mention of cuts?

If so, expect no change in spending and inflation at 6%.

Did he?! I'll listen again.

Thanks Timm! You may have cracked it!

"Respect"! :)

Share this post


Link to post
Share on other sites

Did he?! I'll listen again.

Thanks Timm! You may have cracked it!

"Respect"! smile.gif

I'm not saying he does, just asking.

(I can't view media from this terminal).

Share this post


Link to post
Share on other sites

Its 6% of spending. 6% of GDP would be huge.

It sort of sounds reasonable but then you have to realise that Thather only held public spending level as a percentage of GDP during the early 80s.

When people esp. leftwing ones talk they make it sound like public sector spending was halved. It was not.

6% is a big cut. Then 6% the next year. 6% the year after and then the next year.

And after this the UK will still be relatively high spending country. It really puts the mess GB did from 2002->2008 into context.

Where did it go? - public sector jobs. Huge numbers have joine the public sector over the last 8 eyars (1m). I would guess an equal number of dependent - all those charities that get all their funding from the government, arty stuff, etc.

Rought guesstimate - 2M jobs to go.

Yes, inflation was on her side then.

Plus IIRC initially she was able to raise taxes to 'tackle inflation' at the same time

Share this post


Link to post
Share on other sites

Waste of time until China and Germany stop recycling their surpluses, which they won't.

I'll give it 12 months before they decide it's easier taxing the rich who've benefitted most from the recycled wonga and worked out that losing 1% of voters is preferable to losing 15%.

Share this post


Link to post
Share on other sites

I'm not saying he does, just asking.

(I can't view media from this terminal).

Oh, I see.

Just heard it again, and he didn't say "real". But you do have a point, as I believe all these plans are in real terms.

But the problem they would have with inflation is that it would push interest rates up, and reduce the stimulus to the private sector.

IMHO, if they want to keep interest rates low, and channel more credit to businesses, then they will HAVE to restrict credit flows to mortgages, via FSA regulations.

Share this post


Link to post
Share on other sites

Oh, I see.

Just heard it again, and he didn't say "real".

(...)

Ah well, thanks for looking again!

Share this post


Link to post
Share on other sites

John Humphrys interviewed Nick Clegg this morning (Thursday 09/09/2010), on BBC, Radio 4, Today Programme:

http://www.bbc.co.uk/programmes/b00tky8v

At 8:10AM = 2hrs 10 min into the program

Cuts will start in April 2011, and be around 6%/year, totalling 25% in April 2014.

Many alcoholics fool themselves and say: 'I'll give up drinking tomorrow, let me have just one last shot today'.

Share this post


Link to post
Share on other sites

At a minimum, they will not do this in the last year before an election, so that's 18% max. I doubt they have the nerve to actually achieve even half. The biggest public sector backlash of all time is coming soon after the cuts are announced.

Yes, I think it will be virtually impossible for them, politically, to cut by that amount and speed, with the Labour party and the BBC opposing it.

The only other way to reduce the deficit would be to increase taxes. But that would repress growth even more.

And if they don't reduce the deficit, it will get more expensive to roll the debt - increasing the deficit.

It is a mess.

Share this post


Link to post
Share on other sites

They run out of time LONG before that, anyone with ANY sense will dump their BTL's NOW!!!!

Mike

Why? I have far greater profits on the BTLs over the last couple of years with all on SVRs linked to LIBOR. We are either paying down our mortgages or saving for large deposits/cash purchases on the next set.

It's the BTL flippers that are fooked.

If you head to the old industrial areas you will see that no-one is trying to buy or can buy and rental demand is very high.

I have already started seriously looking for my next 3 or 4 properties - probably look at buying in the 1st Quarter, 2011.

Share this post


Link to post
Share on other sites

(...)

I have already started seriously looking for my next 3 or 4 properties - probably look at buying in the 1st Quarter, 2011.

:huh:

Really?!

Have you heard the interview??

You don't think HP will keep falling throughout this parliament??

Share this post


Link to post
Share on other sites

It's incredible that they're waiting the best part of a year since the general election before getting into the cuts especially as Gordon (for Gords sake switch the microphone off :lol: ) Brown's scorched earth policy for the UK of ever more spending right upto the general election took the UK's economy well over the brink.

After the scorched earth policies of NuLabour now it's the Neroic let Rome continue to burn politics of the Coalition.

Mind in this connection you it's clear that the main point of the apparent Coulson hacking as revealed in the Times seems to the subsequent revelation that he had/has his feet well estabished in/linked to both political camps so it looks as if all the current hoo-ha about him in the media and all the loud bravura during PM's question time and so on is merely to fool the people that there is a real opposition in the UK Parliament when in fact there isn't.

Edited by billybong

Share this post


Link to post
Share on other sites

It's like the druggie saying I will give up next April, by then the ConLibs will have had nearly a year and done very little apart from talk about what they will do.

+1

Wasted year, they might regret being so timid if at the other end of the Parliament the benefits of cuts are not yet being felt and their popularity is in the toilet. Oh well, what's another year of £170bn being added to the national debt (about £8k per full time worker) anyway?

Share this post


Link to post
Share on other sites

:huh:

Really?!

Have you heard the interview??

You don't think HP will keep falling throughout this parliament??

I will be looking to buy in Q1, 2011 at about 3.5x the LOCAL wage (On Rightmove, I can buy today a 3 bed terrace house for £80k which rents at £450/month). I was talking to my letting agent yesterday and he has nothing on his books - there are a lot of people trying to sell and nothing to rent. Plus on my current properties I have very little void peroids as my tenants are happy to be long term renters.

BTW, I would be MAD to buy in the cities/southeast where the huge HPI have occured.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 141 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.