Thursday, January 10, 2008

Mortgage holders still suffer even with savage rate cuts

Dim sum for the rich, crumbs for the poor

Mr King must leave the social engineering to the fiscal policy setters. Gordon Brown must be growing increasingly uncomfortable about Britain’s widening wealth gap. The question is whether he has the means to do anything about it. The Treasury coffers are empty and the silence on the issue is loud. But if you listen hard enough, can you hear the phrase: “Let them eat dim sum!”?

Posted by landedgentry @ 12:04 PM (655 views)
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5 thoughts on “Mortgage holders still suffer even with savage rate cuts

  • This is the real story of the last 10, 20 years. How long people will tolerate it will be interesting to note – the wealth gap has increased under a Labour government, so how exactly is is ever going to decrease again? What’s going to be different if the Conservatives get in? Will they assume monetary control? Restrict the financial markets? Will spending cuts give wealth back to the country? Will we get our pensions back? Would there be enough tax cuts to make a difference to anyone? Can we expect the Tories to revive our industries and discourage the debt that is now the very lifeblood of our economy?

    I’d say we’re pretty screwed.

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  • @shipbuilder,

    There is a lack of money in the coffers. Printing more won’t help.

    I’m personally fed up with social engineering. However, I thought that putting school reports on-line, more often, was a great leap forward (sarcastic).

    This week it was: doubling the work of teachers (who would now provide reports in both formats) and adding web design to the school’s list of jobs. The opportunity of emailing your kids teacher and getting a reply back in a fixed time is super too. Does the Minister for Education want the kids educated too, or is that best left to “cut price” teaching assistants.

    Maybe our politicians should get out there and see what’s really happening and spend less time looking at the St Trinian’s film trailer!

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  • When you look back on it…it’s incredible what this ”government” has done.

    A country whose whole economy rests on debt.

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  • @shipbuilder,

    The tories could cut taxes which would provide a boost to the economy. However they’ve already promised to defend the NHS so it looks unlikely they’ll want cuts. At present Labour is relying on budget deficits, fiscal drag, and ever increasing tax revenues just to maintain the current level of spending. A tax cut – or even a tax freeze – would require taking a scythe to services, and nobody will vote for longer NHS waiting lists, fewer train services, or larger classrooms. The unionised workers in those industries won’t take pay cuts or job losses without a fight. We’re in for a bumpy ride.

    Personally I’m thinking about spending a few years overseas until this whole thing sorts itself out.

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  • I’m certainly not defending the govermnent – it’s just that after being screwed over for the last 10 years (when we should reasonably have expected a modern Labour government to close the wealth divide), it definitely isn’t going to happen under Cameron.

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