ChatterBank2 mins ago
Land Of Hope And Glory.
Britain is now sitting back watching the Tory Party render itself unelectable for at least a generation.....And good riddance. ...Liz Truss has arrived in office without any significant poll bounce. Which makes her unique in polling history. When Liz's Chancellor delivered his budget Speech he said "The money markets will react to my speech , and they did, they sank the pound and sent borrowing rates sky high .Meanwhile Liz promised more tax cuts for the super rich Here ends the arrogance and self regard of the Tory Party.
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//And the UK is heading for the highest interest rates ever recorded in Britain//
You need to swot up a bit.
Most analysts are forecasting rates peaking at about 6% to 7%. The Bank Rate It was 7% or higher from August 1997 to October 1998. It was in double figures between July 1988 and May 1992 and from January 1985 to May 1986. Between June 1978 and October 1982 it remained over 10%, peaking at 17.0% November 1979. There’s an interesting graph in this article illustrating some of this:
https:/
That article also explains that many other countries are experiencing similar problems and are taking similar action. There is a long way to go before the UK experiences “the highest interest rates ever recorded.” But I’m fairly sure you know that.
You need to swot up a bit.
Most analysts are forecasting rates peaking at about 6% to 7%. The Bank Rate It was 7% or higher from August 1997 to October 1998. It was in double figures between July 1988 and May 1992 and from January 1985 to May 1986. Between June 1978 and October 1982 it remained over 10%, peaking at 17.0% November 1979. There’s an interesting graph in this article illustrating some of this:
https:/
That article also explains that many other countries are experiencing similar problems and are taking similar action. There is a long way to go before the UK experiences “the highest interest rates ever recorded.” But I’m fairly sure you know that.
In the seventies, mortgage applications took into account I think 3 times the salary of one wage earner, therefore nobody could get a relatively big mortgage. Now two earners can be counted therefore bigger mortgages driving up house prices to unsustainable levels. Eventually there's bound to be a correction.
When Mrs NJ and I bought our house we paid a deposit of 20%. We could not obtain a mortgage and had to pay a broker to secure one (along with an expensive endowment policy to cover the capital repayment). We overstretched our mortgage a little and for the first few years money was very tight. We also suffered the double digit interest rates throughout the 70s and 80s which I mentioned in my earlier post and at some points the whole of Mrs NJ's salary was insufficient for our mortgage repayments. As a result we had few holidays, rarely ate out and ran a car that was usually 10 to 12 years old. But we just got on with it, taking on more work where we could.
The problems for us were just as great (albeit slightly different in nature) as they are for people buying property today and I would hazard a guess that we had far less disposable income (in real terms) than house buyers have today. It's called "life". You cannot rely on things remaining the same forever and you just have to get on with whatever is thrown at you.
The problems for us were just as great (albeit slightly different in nature) as they are for people buying property today and I would hazard a guess that we had far less disposable income (in real terms) than house buyers have today. It's called "life". You cannot rely on things remaining the same forever and you just have to get on with whatever is thrown at you.
// even god can't help the UK slipping into being a third world country. //
pardon?
the definition of "3rd world" stems from the cold war.
1st world - NATO
2nd world - Soviet Bloc
3rd world - everywhere else.
it has - or rather had - little to do with how much of a *** hole the particular country was. the UK is still a member of NATO, and is still 1st world.
pardon?
the definition of "3rd world" stems from the cold war.
1st world - NATO
2nd world - Soviet Bloc
3rd world - everywhere else.
it has - or rather had - little to do with how much of a *** hole the particular country was. the UK is still a member of NATO, and is still 1st world.
