Sunday, May 14, 2006

Serene Economy will sail Brown into his very own Labour election victory

TimesOnline: Is it springtime for Gordon?

Last years property worries are rapidly fading as the housing market has been gaining strength as house prices, mortgage loans and approvals move higher.

Posted by denzil @ 10:16 AM (629 views)
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7 Comments

1. harold said...

Oh everything's coming up roses! However as we all know, roses grow best in BS.

Sunday, May 14, 2006 10:31AM Report Comment
 

2. Uncle Tom said...

This piece was written a week ago, and already looks dated.

The manufacturing output increase gives the impression that all is rosy at the nation's few remaining factories.

Actually, not. - It's down to the fact that oil production is counted as manufacturing, and is a combination of increased prices and the oil companies sucking the last drops out of the North Sea as fast as they can.

Sunday, May 14, 2006 12:06PM Report Comment
 

3. Paul said...

This article is a) written by an eternal optimist who predicted that oil prices would "fall back to around $40 a barrel in 2006", b) the piece is at least a fortnight old now and c) that was before the "tremor before the storm" on Friday where the FTSE alone wiped 20bn off its value.

David Smith has tried to argue for a while now that Britain's never had it so good. The trouble is that no-one believes him.

Sunday, May 14, 2006 01:56PM Report Comment
 

4. bidin'matime said...

"It becomes possible that the four members of the MPC who were unhappy with last Augusts rate cut, from 4.75% to 4.5%, will succeed in clawing it back. We are, I hope, some way from that."

You cant have your cake and eat it - after gushing about how spring has sprung (mainly on the back of the IR cut), he wants to put off the inevitable rise that is needed to put the brakes back on all this credit fuelled lunacy. There is no doubt that last year's cut will be compared by economic historians to Geoffrey Howe's cut back in 1988, which back then pushed the property market over the brink.

Sunday, May 14, 2006 06:10PM Report Comment
 

5. uncle tom said...

Err - Nigel Lawson was chancellor in '88.

It was the spring when interest rates were risng by 1.5% a month, and dual tax relief was abolished on August 1st - that was the last straw, although it didn't really come home to roost until a couple of years later.

Sunday, May 14, 2006 07:23PM Report Comment
 

6. bidin'matime said...

Thanks for the correction Tom. I'm sure it was Geoffrey's idea, though.

Sunday, May 14, 2006 10:01PM Report Comment
 

7. uncle tom said...

Not sure - Howe had a lasting grudge after Maggie sacked him as chancellor. It was he who made the killer speech in the house that precipitated her demise.

Lawson got off to a good start, but got intoxicated by his position - a little bit of history that is repeating itself at No.10

Monday, May 15, 2006 12:22AM Report Comment
 

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