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Mr. Miyagi

Families Warned By Bank Of England Of Even More Painful Year Ahead

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Families warned by Bank of England of even more painful year ahead

The economy is set for fresh pain in 2011, with economists predicting further declines in house prices and a rise in unemployment.

The Bank of England is expected to report next Tuesday that mortgage lending slowed again in November and approvals for house purchases are at their lowest level since last February.

It will also say that consumers are still struggling to get credit. Banks are being cautious about who they lend to and households are wary of splashing out on credit cards when they are worried about losing their jobs.

Despite a rush at the Boxing Day sales, consumer spending in November remained lacklustre, economists estimate.

Public sector cutbacks mean next year could be even tougher, with projects put on hold and schools and hospitals postponing building work.

Howard Archer, chief economist at IHS Global Insight, is predicting house prices will fall a further 6-7 per cent this year.

He says high unemployment, weak consumer confidence, tax hikes and cutbacks in government spending could prove to be a dangerous cocktail.

‘While we do not expect house prices to crash, we do expect them to trend down gradually to lose around 10 per cent from their peak 2010 levels by the end of 2011,’ he said.

David Buik, of brokers BGC Partners, is forecasting a 10 per cent decline in house prices in the regions, though he expects London to remain steady because of foreign buyers.

He expects unemployment will rise from 2.5million to more than 3million this year and predicts inflation will hit 4 per cent.

Mervyn King is expected to say on Tuesday that mortgage lending slowed again in November and house purchases are at their lowest level since last February

Daily Mail link

Apologies if the story has already been posted.

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So the bukkake party continues..... except that queue of people who you thought were going to buy those Ipods are actually queuing up to participate in your party.

Ken you've gone a bit crazy over the last few days, are you okay?

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So it has a large part about house prices falling.

Surely that is of benefit, and not a warning, to a huge number of 'families' in the UK.

You know, the ones wanting to buy their own place or move to a larger one.

Even after 3 years the bias of these articles still astounds me.

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extremely high body temp, coughing up chunks, pain everywhere while still shivering.

Don't google it. You will convince yourself you have either AIDS or cancer. Or if you are on a roll both !!

The internet must be like the devil for hypochondriacs :lol:

Anyway Ken you are indestructable so no need to worry.

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Don't google it. You will convince yourself you have either AIDS or cancer. Or if you are on a roll both !!

The internet must be like the devil for hypochondriacs :lol:

Anyway Ken you are indestructable so no need to worry.

Just a nasty cold. I know it is a nasty cold as some bloke sneezed in my face. It was wet and chunky where you had to scoop it off your face.

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Just a nasty cold. I know it is a nasty cold as some bloke sneezed in my face. It was wet and chunky where you had to scoop it off your face.

I think Monica has met the same bloke.

Monica-Bellucci-59.JPG

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It will also say that consumers are still struggling to get credit. Banks are being cautious about who they lend to and households are wary of splashing out on credit cards when they are worried about losing their jobs.

But are people currently paying down what they owe or are people unable to significantly pay down the debt.

Our entire system is built on the expansion of debt, once it stops so does growth.

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Families warned by Bank of England of even more painful year ahead as Mervyn King tells the Sheeple more money will be printed and the cost of everyday essentials will continue skyward. King "welcomed" the new era of serfdom and expected to pick up a good 'n' cheap serf in 2011 to help out around the house.

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Even after 3 years the bias of these articles still astounds me.

Yup. It is incredible.

High house prices = high prices all round. Like sticking a 1,000 lb weight around each person's neck - as he/she funnels 90% of earnings into the Moneylenders coffers..... :rolleyes:

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Yup. It is incredible.

High house prices = high prices all round. Like sticking a 1,000 lb weight around each person's neck - as he/she funnels 90% of earnings into the Moneylenders coffers..... :rolleyes:

Bonkers. And unless and until the vast majority of people in this country make that connection (aside the implications for those starting out in life) the country will remain fcuked, and will continue to get left behind.

High house prices (shelter) are a brake on the economy, society and our mental health (especially on these boards :lol: ).

Still I'm sure one day we'll hear we'll hear the words 'let them eat bricks'.

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  • 312 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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