RE: Brics21 Jun 2023 10:44
Not true summit, the problems started long ago, way before Sunak, and more in Cameron/Osborne times. The Tories wanted to create the feel good factor at that time when the country coul least afford it. The commencement of falling interest rates so as to enable all and sundry to buy their own homes and borrow fantastic amounts on credit started the latest rot that we are now having to fund the consequences for. I bought my first home in the early 1990's when interest rates were anything between 4-8% and on one day, shot to 12%. Lots of people had their homes re-possessed and the same might well happen here. It's a salutory lesson, but you always need to keep money aside for a rainy day, and pay off your mortgage as quick as you can so you don't have the worry of your home being taken from you. The keeping of interest rates at an absurdly low level was a recipe for disaster. They should never have been lower than 3-4% and kept evened out and then we wouldn't have been in this mess. That would have allowed savers to save and have a bit of interest and keep their money invested to help the govt out and would have kept interest rates for borrowers within a certain band for a sense of security so to speak. But no, the Tories let in the false feel good factor and for far too long and it now has to be paid for, and it will be painful for sure for many, and what's worse is, they encouraged people to spend the money they were saving from not travelling to work etc during the pandemic, so gave on the one hand and are now brutally taking it away on the other. Hunt is right to do what he is doing, but he will carry the can for doing it, but it will make him mr unpopular, when actually, he's having the balls to tackle it head on. No pain no gain as they say, and there will now be pain for a while to get us out of this economic disaster! Should add that the war hasn't helped either of course!