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You've Never Had It So Good (Due To Low Mortgages)

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http://www.bbc.co.uk/news/uk-politics-11793486

The prime minister's enterprise adviser has apologised after saying most Britons had "never had it so good" despite the "so-called recession".

Lord Young of Graffham told the Daily Telegraph the Bank of England's decision to cut the base rates to 0.5% meant many homeowners were better off.

But he later stated that he had written to David Cameron apologising for his "insensitive and inaccurate" remarks.

Downing Street called them offensive and said Mr Cameron was "unimpressed".

The prime minister's spokesman said he "believes, at this difficult time, politicians need to be careful with their choice of words - these words are as offensive as they are inaccurate".

In the Daily Telegraph interview, Lord Young said: "For the vast majority of people in the country today, they have never had it so good ever since this recession - this so-called recession - started..."

Lord Young, a former trade and industry secretary during Margaret Thatcher's government, added that "most people" with a mortgage found their monthly repayments had decreased by up to £600 each time.

He suggested the government's cuts, outlined in last month's Spending Review and totalling more than £80bn over four years, would just take state spending levels back to what they were in 2007 - a time, he said, when people were "not short of money".

He said: "Now, I don't remember in 07 being short of money or the government being short of money.

Don't mention the debt - homeowners have never had it so good.

Lors Young can't remember being short of money.

We're all in it together.

The mask slips.

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For those still in work, with a mortgage (ie. the majority).. it's true.. People can't believe their good luck.

Although the £200/month (temporary) reduction in my mortgage has now been offset by the (permanent) effects of inflation + private-sector-wage-freeze + tax increases + loss of child benefit.

I'm considerably worse off than i was 2 years ago.

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For those still in work, with a mortgage (ie. the majority).. it's true.. People can't believe their good luck.

Spot on. I've heard friends at work say it's a funny recession - they've got more money than they ever had. I don't know why the man has to apologise for being correct.

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If you extend Lord Youngs comments to their logical conclusion......

Labour policies made your house go up in value

Labour policies mean you have massivley reduced interest payments

Does he know which side he's batting for? F'king loon!

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This seems a bit strange. There seems an awful lot of fuss over Lord Young making a statement that has been common currency for the last year or so - recession, what recession.

What's the problem with it? Does it give the lie to our attempts to talk the pound down or something? Does it show that the cuts aren't going to be real cuts, suggesting to our investors that we're not serious about things and that we've adopted the Blanchflower "inflate it away" strategy?

What's the real story?

Peter.

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The prime minister's spokesman said he "believes, at this difficult time, politicians need to be careful with their choice of words - these words are as offensive as they are inaccurate".

Kinda scary when a PR man says this; he's not saying anything about the intent that lay behind these comments, only the words.

I read a recent article about Prof Shiller (Case-Shiller Housing Index : US) that he appears to be joining a new camp of economists, called 'Behavioural Economists'; the article contends that these folks believe that propaganda should be used on the masses to engineer the consensus of a recovery, and that Prof Shiller's recent MSM article is full of propaganda. Chilling, as these people are in charge of teaching future Economists and rubber stamping the data analysis.

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The article criticizing the apparent new direction of Economics is linked here. Excerpt below.

As an article in today’s New York Times makes clear, Robert Shiller has joined a group of behavioral economists that is advocating the use of propaganda and the sublter forms of manipulation of the public that Walter Lippmann famously called “the manufacture of consent.” In one sense, this ugly development is coming full circle. Lippmann and the so-called father of the pubilc relations industry, Eddie Bernays, were both members of the Creel Commission, which in a remarkably short period of time, turned a pacifist US into a nation eager to attack bloodthirsty, baby-bayonting Germans in the Great War. When the public became aware of the scale of the Creel Commission effort and realized how they had been played, Lippmann and Bernays wound up writing books defending this sort of effort.

I hope this kind of stuff does not take hold in Cameron's administration.

Edited by Toto deVeer

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http://www.bbc.co.uk/news/uk-politics-11793486

Don't mention the debt - homeowners have never had it so good.

Lors Young can't remember being short of money.

We're all in it together.

The mask slips.

TBH, he does make some valid points for this present day. I know lots of people who have lower mortgage repayments now than a few years ago, who are earning at least as much now as then.

It doesn't help those without houses, nor those who have lost their jobs, and who knows what will happen in the coming years, but the points aren't entirely invalid. Of course, the bigger international trade picture isn't considered, along with the poor pay and other issues too...

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http://www.bbc.co.uk/news/uk-politics-11793486

Don't mention the debt - homeowners have never had it so good.

Lors Young can't remember being short of money.

We're all in it together.

The mask slips.

As far as i`m concerned, the most disgusting thing, is not what he said, but the way he immediately apologised, and grovelled, to save his own skin. If he really believed in what he was saying, he should have the guts to stand by it. The man is a creep of the first order.

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You can literally hear the clanking of snouts on trough in the background of the telegraph audio too, must have been a nice bash

Yes heard him on R4 this morning, sounded like he was at a function. Maybe he was a bit pissed.

i think what he says and the comments here illustrate the widening divisions in society.

I dont get any benefits since being made redundant from a £25,500 pa job, so personally I can confirm I have had it better.

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It's the insensitive nature of his Lordships remarks that will irk so much, regardless of any partial merit.

You'll find tories have some form making such remarks. All he needs to do is keep the cost of servicing mortgage debt down for a few years while convincing everyone they're happy in their current gaff and Young will have pulled off the coup of selling stagnation as the new boom.

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Not sure what the fuss is about, he's blatantly right when it comes to homeowners, forget the actual festering sore of an economy surrounding it, homeowners have never had it so good, despite their place right at the very heart of the cause of the recession

Only when they are asked to do their bit will things actually start moving forward, if not necessarily improving immediately

No more inflation to bail out homeowners and speculators, no more low IR's to bail out homeowners and speculators, no more mortgage relief schemes, no more bailing out banks, no more wailing about people who made stupid mortgage decisions having to be reposessed and join the rest of us in the rental sector

No more stealing from savers to bail out borrowers

They've never had it so good

Edited by pete.hpc

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He said that the vast majority with mortgages have never had it so good and have seen an average monthly repayment reduction of something like £600.

He also said about the cuts that will be people who complain, but these are people who think they have a right for the state to support them.

He isn't wrong imo and I dont think we should be punishing the very few politicians that speak honestly, whether we agree or not, since they are in such short supply.

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personally I've never had it so bad.........should have been feckless and reckless.

This is the thing.

Those that deployed any iota of prudence ove rthe last 5 years or so, have lost out big time. Maybe prudence is over-rated:

ArgyleSweaterThreePigs.gif

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http://www.bbc.co.uk...litics-11793486

Don't mention the debt - homeowners have never had it so good.

Lors Young can't remember being short of money.

We're all in it together.

The mask slips.

I have a few friends with 200k to 300k mortgages and they pay about £120 a month .... really cool ... where can I sign in as well ??? why would I have to pay for the same thing £800 pm ???

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Got to agree with the man.

I've lived through three recessions now, and the last one was a pussycat.

For those on tracker mortgages, happy in their delusion that their employment is secure and quick to blame the unemployed for unemployment, these are indeed the best of times.

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Although the £200/month (temporary) reduction in my mortgage has now been offset by the (permanent) effects of inflation + private-sector-wage-freeze + tax increases + loss of child benefit.

I'm considerably worse off than i was 2 years ago.

look. Stop working stuff out. The voice of authority has spoken and you've never had it so good.

Accept it, get on with your life and don't question them or we'll all be in trouble.

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Not sure what the fuss is about, he's blatantly right when it comes to homeowners, forget the actual festering sore of an economy surrounding it, homeowners have never had it so good, despite their place right at the very heart of the cause of the recession

Only when they are asked to do their bit will things actually start moving forward, if not necessarily improving immediately

No more inflation to bail out homeowners and speculators, no more low IR's to bail out homeowners and speculators, no more mortgage relief schemes, no more bailing out banks, no more wailing about people who made stupid mortgage decisions having to be reposessed and join the rest of us in the rental sector

No more stealing from savers to bail out borrowers

They've never had it so good

Then why did he withdraw his comments? (I agree by the way).

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  • 140 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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