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Typical BBC. It is only a "sharp slowdown" because the previous figures were about 100% higher than expected. Sensationalist drivel. If GDP had been previous 0.2% would they be wrting about GDP growth soaring 100%? Not likely.

Meanwhile, the housing market has also started to suffer. Figures released by the Nationwide Building Society later this week are expected to show a 0.4% fall in property prices between September and October.

But Howard Archer, chief economist at IHS Global Insight, warns against reading too much into the third quarter figures, because preliminary ONS estimates can be inaccurate

At least they could wait until the figures are released and then put up an article. Talking down the economy before they even have the data to support it?

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I'm not sure anyone does know whether QE made any difference. Personally, I think the stamp duty holiday had more of an impact (and low base rates of course). Since then though, that has been scaled back to FTBs and SVRs

have been creeping up. I'm not sure this government could keep the ponzi going even if they wanted to.

Agreed; If anything the only impact on QE would be purchases filtering down indirectly into looser lending... On its own I don't believe that's enough to reverse a downward trend in prices.

Just like as it was on the way up, the market is driven by its own impetus... All that is needed for prices to go down, is prices to go down. As with any kind of deflation people would rather wait 1 extra month than work an extra 6 to pay off the mortgage

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I think QE did make a difference to the extent that it gave banks the breathing space on their balance books and made them less likely to repossess. I know a friend who was at least 6 months behind on his btl mortgage. He is teetering on the edge of negative equity with a whole pile of other debts. His bank bent over backwards to let him keep the house given he has sitting tennents who are happily paying rent (Don't ask why he wasn't paying the mortgage if he was getting rent...). The bank eventually just added the arrears to the mortagage. That would never have happened in the past. Lower interest rates were crucial in that his mortagage is now covered by the rent so he is keeping afloat but QE was important in taking pressure off the banks. How many others are in the same position? That must feed through to house prices somehow.

Edited by CrashingPumpkin
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I think QE did make a difference to the extent that it gave banks the breathing space on their balance books and made them less likely to repossess. I know a friend who was at least 6 months behind on his btl mortgage. He is teetering on the edge of negative equity with a whole pile of other debts. His bank bent over backwards to let him keep the house given he has sitting tennents who are happily paying rent (Don't ask why he wasn't paying the mortgage if he was getting rent...). The bank eventually just added the arrears to the mortagage. That would never have happened in the past. Lower interest rates were crucial in that his mortagage is now covered by the rent so he is keeping afloat but QE was important in taking pressure off the banks. How many others are in the same position? That must feed through to house prices somehow.

QE made no difference to the banks, Government debt gave them the breathing space. QE covered the required government debt precisely (and lowered the cost of servicing it).

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QE made no difference to the banks, Government debt gave them the breathing space. QE covered the required government debt precisely (and lowered the cost of servicing it).

To be blunt, I don't think those arguing for more QE give a jot about the effect it will have on the economy, jobs, you, I or anyone other than themselves and the big bonuses that they - the financial bods in the City - will get as a result of QE II.

At the risk of sounding paranoid - some hope on this site - I believe we are living in an era where democratic processes have been usurped by the boys and girls in the City and on Wall Street and they are rigging the game, the economy, our countries for their own financial gain.

I know it has always been thus but, in the past 50 years, at least there was an attempt to keep connected with the masses - we seem to have gone back to the early 19th Century and before in the gap between the rich and us.

Edit:

Can't say any more as I must go and see if there is any news about the nation's sweetheart in tomorrow's tabloids! :rolleyes:

Edited by The Masked Tulip
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