Friday, July 6, 2007

The Truth by Vince Cable (MP)

Painful rate rise will hit families

Commenting on today’s interest rate rise, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "Today’s interest rate rise is almost certainly not the end of rising rates, thanks to the Bank of England allowing the expansion of credit and the bubble in the housing market to get out of control."A painful correction would be paid for by millions of families struggling with mortgage payments. "We are already seeing rising repossessions and insolvencies. This will only get worse as previous rate rises start to bite, especially with more than a million people coming off fixed rate mortgages in the coming months. "We face the possibility of falling house prices and negative equity last seen in the late 1980s.

Posted by bufferbear @ 11:41 PM (374 views)
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3 thoughts on “The Truth by Vince Cable (MP)

  • “We are already seeing rising repossessions and insolvencies. This will only get worse as previous rate rises start to bite, especially with more than a million people coming off fixed rate mortgages in the coming months.

    “We face the possibility of falling house prices and negative equity last seen in the late 1980s.

    “It is long overdue for the chancellor to sit down with mortgage lenders and discuss how they should handle a wave of arrears and repossessions since most families have no safety net in the form of benefit entitlement or insurance.

    “It is vitally important that the banks show more responsibility in handling the crisis in arrears than they have shown in their lending practices.”

    yes, sure, bail em out Vince…. with what money? yeah, devaluate the pound as a start…. what a mess… how well this government and the BoE painted themselves into a corner! I am so happy! now it is a catch 22:
    Damned if you raise IRs, damned if you dont!
    …. there is no way out ….. what a joy!

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  • C'mon Correction says:

    I agree entirely confused – there is no way out for our economy and the house prices staying at their current levels. The UK is going to be a very bleak place when most people sober up to their HUGE debt hangover !

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  • japanese uncle says:

    Vin: Mer, I am going to say something nasty about you next week. No hard feeling for that, as you know , it’s an instruction from the Governor.

    Mer: I know, I know. Don’t worry. It’s just part of the greater scheme. We are all dedicated to it, aren’t we? Critisising our easy money policy is exactly what you are supposed to do now as LibDem keyman. Your comment will relieve some frustration of the stupid chavs. Charlie Kennedy is still formidably popular among the grassroots. You must speak like a champion of the poor, not to allow the revival of our dear jolly Charlie.

    Vin: Thanks. If I were the real champion of those chavs, I should have said something when you made a decision to decrease the base rate in 2005, but I didn’t say anything, did I? Those stupid chavs see things with just weeks’ perspective with extremely poor memory, it’s so easy to trick them, isn’t it?.Charlie was caught up having a few puffs on the train a few days ago, and it’s going to feature the Mail today. Negative publicity is always perfectly arranged, to our purpose. Rest assured.
    ————————–
    The above conversation is a fiction. Vin does not refer to Vince, nor does Mer refer to Mervin.

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