Wednesday, September 12, 2007

BoE Does Need To Do Anything: It’s Job Is Being Done For It …

Interest rates rise as credit crisis hits British borrowers

Yvette Essen and Richard Tyler are being gloomy too. Sorry about posting two articles today but this second one highlights my assumption that rising mortgage costs will lead to more repossessions. It is not, just, mortgages though: "Provident Financial's finance director, Andrew Fisher, said higher gas, electricity, food and council tax bills were reducing disposable income. He said the company had turned down 50,000 applications for loans and seven out of 10 applications for credit cards in the past six months." Could this be the end for Credit Card Rate-Tarts? For a debt-based economy, the end of cheap, available credit is not good news.

Posted by talking rot @ 05:47 AM (835 views)
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7 thoughts on “BoE Does Need To Do Anything: It’s Job Is Being Done For It …

  • “Provident Financial’s finance director, Andrew Fisher, said higher gas, electricity, food and council tax bills were reducing disposable income.”

    They also mentioned this on the news last night in relation to the CAB seeing increasing debt problems.

    This makes my laugh. Wasn’t it falling gas, electricity and food that brought DOWN last months inflation figures from the Office of Notional Statistics?

    Something doesn’t add up here!

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  • “For a debt-based economy, the end of cheap, available credit is not good news.”
    It’s more than not good news. It’s the only thing that’s keeping the economy going, whether it’s credit in the form of credit cards for cheap clothing, or credit in the form of mortages for over-price housing.

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  • dohousescrashinthewoods says:

    The word “inexorable” comes to mind:

    Andrews: “That’s five compartments. She can stay afloat with the first four compartments breached. But not five. Not five. As she goes down by the head the water will spill over the tops of the bulkheads, at E Deck, from one to the next, back and back. There’s no stopping it.”
    Smith: “The pumps, if we opened the pumps-”
    Andrews: “The pumps buy you time, but minutes only. From this moment, no matter what we do, Titanic will founder.”
    Ismay: “But this ship can’t sink!”
    Andrews: “She’s made of iron sir, I assure you, she can. And she will. It is a mathematical certainty.”

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  • Well its obviously not inflation in the ‘real’ economy that is to blame because the CPI is only 1.9%, so something else is causing the public to borrow on credit cards for essentials…

    Over to you David Smith our guru. Any comments?

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  • @Spellchecker

    I hope you will continue to pick up minor typos. You are clearly missing something in your life and I hope correcting minor grammatical errors brings happiness to you. Is it possible you could manage a thought about the economic, financial or housing situations within the UK? If not, please do not bother posting comments.

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  • Spell checker,

    Do a real job instead of say teaching the young of our country how to pronounce, spell and read…

    Might I respectfully suggest that you may be of more utility buying and selling buy to lets?

    … Far more use to the UK…

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