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Uk Economic Vulnerability

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Spotted this report. Essentially it says that UK is 3rd most vulnerable nation in the world if any more interest rate rises are applied. House prices are 20% overvalued.

Now by my sums (feel free to criticise) NI is 20% above the UK average (which is £184k according to Nationwide July 07) NI avg is £215k. So if UK falls 20%, theory is NI falls 40%. New avg of £129k. The report did contradict itself however by stating that mortgage lending is holding up well with a lot of mortgage approvals. The whole thing seems dependent on more interest rises, which with the change in banking policy to tighten credit control, could well be expected.

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