Thursday, Aug 10, 2006

So, there are no problems with debt then Mr King

Indy Online: Bank raises spectre of fresh rate rise:

Mervin King: "With bankruptcies at record levels and the big banks reporting sharp rises in bad debt provisions, the Governor [of BoE] admitted there were "serious problems". But he said this did not affect the economy as a whole and it was a matter for the Government and the borrowers. "The vast majority of household debt, 83 per cent, is secured against housing," Mr King said. "There are no obvious signs of distress in repayments in that area."

Posted by talking rot @ 10:30 AM (485 views)
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1. paul said...

"The vast majority of household debt, 83 per cent, is secured against housing," Mr King said. "There are no obvious signs of distress in repayments in that area."

I honestly don't understand. The MPC targets inflation. Why is the Bank of England's governor even MENTIONING housing? That's not in their remit. If we had a fair reporting media, they would be asking this question because it's crucial. When house prices are inflating out of control, the Bank of England leaves it be, but when the outlook appears shaky, the bank's governor weighs in with his own appraisal?

How many other undisclosed agendas and conflicts of interest are they working to address?

Thursday, August 10, 2006 09:08PM Report Comment
 

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