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Guest muttley

Brown Mortgaged Our Future To Secure His Own

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Guest muttley

Brown mortgaged our future to secure his own

A long article, but a hatchet attack on the UK economy.

The bit relevant to housing is below

Of most concern to mortgage-holders, though, is King’s view on interest rates. In early August, the Bank’s quarterly Inflation Report came close to confirming rates would soon rise again – to 6 per cent. But the credit crunch changed all that.

The overwhelming consensus now is that the next move in rates will be down.

In Belfast, King did little to upset that view. But he did warn that inflation remains a threat – so base rates are unlikely to start falling before early next year. And the Governor issued another warning too. “The current turmoil in the financial markets isn’t over,” he said. “And with investors more wary of risks, banks will find it harder to raise funds. So credit will not be so readily or cheaply available to businesses and households.”

In other words, even if base rates come down, actual borrowing costs may take a long time to follow.

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