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Vince Cable Warns Booming House Prices Are Destabilising Uk Economy

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http://www.theguardian.com/business/2014/may/20/cable-warns-house-prices-destabilising-uk-economy

Vince Cable has warned booming house prices are destabilising the economy and any sane person should worry about what is going to happen when interest rates rise as the economy returns to normal.

The business secretary also warned that household debt in relation to income is set to become significantly higher in the UK than almost anywhere else, and contains serious dangers that represent "a real, real, real worry" for policymakers and homeowners.

He said levels of household debt were forecast to surpass those reached before the financial crash in 2008.

His comments have emerged as a study predicted that one in 10 mortgage payers risk becoming trapped on unaffordable deals as interest rates rise over the next four years.

The research by the Resolution Foundation thinktank found one in four would face financial difficulties after even a modest rate rise, but it particularly highlighted the 770,000 households that were likely to find monthly repayments eating up at least one-third of their disposable income by 2018 at the same time as being unable to switch to better deals to insulate themselves.

The problem if rates increase we have a crash and rates will be lowered again, if rates don't increase when the economic crash does happen it will be an even bigger crisis. Luckily the political system means we'll carry on regardless until it collapses.

It seems everyone should rush now to get a fix.... Although that means increasing rates will be pointless meaning rates won't increase.

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Vince expressing an opinion again now that election is coming up - it must be painful for him that Miliband isn't electable and he's got to support Tory policy to keep his job after next election.

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It seems everyone should rush now to get a fix.... Although that means increasing rates will be pointless meaning rates won't increase.

Get that negative equity 'locked in'

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Well, no shit Vince.

Still, as Business Secretary in the government, you're hardly in a position to do anything about it. Are you?

Indeed.

They're all so passive aren't they? Bystanders who watch and talk and do nothing.

HELLO! VINCENT !

Wake up, you doddering old fart and DO something about it then, FFS !

YOU ARE IN THE EFFING GOVERNMENT !

Jees ! what is the point in them all?

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Vince Cable has warned booming house prices are destabilising the economy

but as a leading member of the government, a cabinet minister, he effectively continues to support the policy of booming house prices and consequent economic instability.

He's part of the government responsible for what is happening but none of them are prepared to take reponsibility. They're all playing pass the parcel saying they're responsible, no they're responsible. Elections are in the offing.

It's no way to run a country.

Edited by billybong

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Altogether now.....

****** OFF VINCE!

Amazing isn't it. Typical career politician trying to stay on the right side of history but actually being more-or-less totally uncontroversial and ineffective. T0sser.

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Amazing isn't it. Typical career politician trying to stay on the right side of history but actually being more-or-less totally uncontroversial and ineffective. T0sser.

Vince was once our only hope....it seems to me like he sold out.

The lib-dems will never recover .

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Well, no shit Vince.

Still, as Business Secretary in the government, you're hardly in a position to do anything about it. Are you?

No he isn't. Help to Buy is George Osborne's baby and, other than repeatedly voicing his doubts about the scheme, Vince Cable really isn't in a position to influence it. It's not his department.

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No he isn't. Help to Buy is George "We fight the bankers causes" Osborne's baby and, other than repeatedly voicing his doubts about the scheme, Vince Cable really isn't in a position to influence it. It's not his department.

Corrected for accuracy.

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No he isn't. Help to Buy is George Osborne's baby and, other than repeatedly voicing his doubts about the scheme, Vince Cable really isn't in a position to influence it. It's not his department.

He can resign and publicly condemn the policy. When Heseltine walked out of the government over a relatively minor dispute about trade policy he set himself up to bring down Thatcher 4 years later.

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No he isn't. Help to Buy is George Osborne's baby and, other than repeatedly voicing his doubts about the scheme, Vince Cable really isn't in a position to influence it. It's not his department.

You're the first person in this thread to bring up Help to Buy.

There are plenty of other government actions (or inactions) that have poured fuel onto the HPI bonfire (e.g. low interest rates, banks lending for mortgages rather than for business loans) and where Vince could have stuck his foot in.

So why bring up Help To Buy, which just happens to be the one area where (and you are correct to state this) Vince has no influence?

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You're the first person in this thread to bring up Help to Buy.

There are plenty of other government actions (or inactions) that have poured fuel onto the HPI bonfire (e.g. low interest rates, banks lending for mortgages rather than for business loans) and where Vince could have stuck his foot in.

So why bring up Help To Buy, which just happens to be the one area where (and you are correct to state this) Vince has no influence?

FLS caused the london mega bubble mania, not HTB.

If vince had any gumption he'd walk out now and call time on the coalition.

Are you reading Vince ? You're as much of a disgrace as cameron and osborne as you're still there supporting them.

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They're all scrabbling to make their concerns public all of a sudden… is it about to go pop? They're certainly helping by keeping it in the news. Cant blame me! Look I said something about it! Carney has responsibility! A bigger boy made me do it and ran away!

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FLS caused the london mega bubble mania, not HTB.

If vince had any gumption he'd walk out now and call time on the coalition.

Are you reading Vince ? You're as much of a disgrace as cameron and osborne as you're still there supporting them.

What would Vince's resignation achieve? Who do you think Cameron would choose to better fill the post?

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They're all scrabbling to make their concerns public all of a sudden… is it about to go pop? They're certainly helping by keeping it in the news. Cant blame me! Look I said something about it! Carney has responsibility! A bigger boy made me do it and ran away!

:lol:

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What would Vince's resignation achieve? Who do you think Cameron would choose to better fill the post?

It might allow him to speak out more vociferously and actually regain some credibility with the electorate? Unless Vince is secretly saving us from some sort of secret evil Tory plot on the down low replacing him would be unlikely to make much policy difference at this point given we seem to now have a zombie parliament to add to our zombie banks and zombie economy...

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To be fair, sitting on your ar*se is a good way to cover it.

The only cabinet member ever to warn about excessive private debt.

The clue is in the term 'cabinet minister'- this implies more of a role that that of a concerned bystander. It's starting to turn into some dreadful parody of the Titanic disaster with the entire crew standing at the bow screaming 'Iceberg- dead ahead' and then looking back at an empty wheelhouse wondering who is steering the bloody ship. :lol:

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The only cabinet member ever to warn about excessive private debt.

And he's a HPC whipping boy.

I could do with a laugh, but this isn't it.

Well maybe because his govt have done all they can to inflate property prices.

He is a hypocrite who has done nothing from the inside and is just another self serving corrupt and incompetent politician.

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Well maybe because his govt have done all they can to inflate property prices.

He is a hypocrite who has done nothing from the inside and is just another self serving corrupt and incompetent politician.

Put it this way:

Q: The one influential politician who discusses HPC issues?

A: Vince Cable.

Q: The most ridiculed politician on HPC?

A: Vince Cable.

Conclusion: HPC full of deluded pessimists. Life is least likely to work out for you when you fail to identify your interests.

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They're all scrabbling to make their concerns public all of a sudden… is it about to go pop? They're certainly helping by keeping it in the news. Cant blame me! Look I said something about it! Carney has responsibility! A bigger boy made me do it and ran away!

It is in the air now, like a thunderstorm, you can smell it. Hope you have stocked up on the popcorn boys and girls.

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