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Uk Policy Blamed For Soaring Debt Levels

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Good to see the BIS pinning the tail on the monetary donkey.

Will the BOE do anything? No, they have failed already and will continue failing to run a sound economy.


UK policy blamed for soaring debt levels

By Edmund Conway, Economics Editor (Filed: 20/02/2006)

The world's top central banking authority has warned that the Bank of England's inflation-busting tactics are largely responsible for the dangerous pile-up of household debt, which last year passed £1,158 billion, £30 billion more than the country's total economic output.

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Its all going to end in tears, & the possibility of soup kitchens seems to be getting more likely with every passing credit card slip.

Except that credit card debt is a small fraction of the total owed - can't remember, but wasn't the total mortgage debt reported to be somewhere around £950 Bn recently?

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I think that even though the bulk of it is mortgage debt & MEWing (probably), its going to be totally unserviceable for very many people. There seems to be a great deal of price increases appearing, such as council tax possibly increasing, energy costs up to 22% higher, etc. A few more economic shocks will be more than enough to send many people over the abyss, although they'll only have to wait one year now until they can resume their irresponsible spending habits again. Thats why I've invested some of my money in Debt Free Direct - there is going to be an almost never ending supply of financial muppets for the forseeable future.

Thank God for New Labour !

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In another radical move it has also suggested ditching many national currencies in favour of a small number of formal currency blocks based on the dollar, euro and renminbi or yen.
Mr White also suggested ditching the current system of floating currencies and replacing it with "a small number of more formally-based currency blocks". He claimed that because of the record rate at which Asian central banks have been buying dollars in order to keep their currencies artificially low, "we do not really have a freely floating rate system".

Is this a quick way out of a GBP spiralling downwards against all other currencies? :blink:

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  • 302 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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