Interest rates

[Keith Tindell]

I see the bank of England, having raised interest rates, have predicted that we will go in to the longest recession for decades, up to two years, and unemployment to double. Yet, when i listen to the news, the cry is for more labour to be allowed into the country , as they cannot find workers. So if unemployment is set to double, there should be no labour shortage for these people. Or is it we have become a work shy nation.When i think of the hours we worked ashore, 12 hr day normal most of the time, but frequently when working the coast or other systems we would work 22-23 hrs non stop, so even if we had a MN, would the young people be interested in those conditions?.

[j.sabourn]

If they were hungry and had to work or tighten their belts Keith the answer hopefully would be yes. A lot of us on this site probably have had to take on jobs we were loath to do. I know I have. No one owes us a living , we have to go out and find it. If the worse comes to he worse I’m going to approach the Raving Looney Party for an easy seat at the next general election, Nobody has heard of it yet in Australia. All I need is one foot in the door. Cheers JS

[j.sabourn]

#1 The title of this post always gets up my nose. I recognise interest rates of what I have saved in the bank. I grew up with 8.5% of interest on the houses I bought without a word of complaint. When the interest rates were O.5 % everyone was slashing out taking advantage of the low rates and living above their means.There was no mention of the old people who had saved all their lives for retirement and had to survive on .2% interest on their frugal savings .My attitude to those today spewing about their repayment of mortgage rates is tough luck its your turn to be short of money and I have little sympathy for you. The higher the rates go as far as I am concerned the better will be the lifestyle of the little thought of , the other side of the community . Live with it and maybe you will learn by your mistakes , My advice would be to get a second job and pay your way in life. JS .

[Keith Tindell]

Most sensible people when they bought a house at relative high interest, just kept the payments going at the same rate, i know i did , and it knocked several years off my mortgage. I believe we have had low interest rates for so long, and money easy to come by with cards, they are all now in for a shock. thankfully i arm mortgage free, and have been for 40 odd years.kt

[cappy]

Most sensible people when they bought a house at relative high interest, just kept the payments going at the same rate, i know i did , and it knocked several years off my mortgage. I believe we have had low interest rates for so long, and money easy to come by with cards, they are all now in for a shock. thankfully i arm mortgage free, and have been for 40 odd years.kt

Sure agree with you on that keith....i just think money has been to easy to borrow for the last 30 or so years ..interest rates getting smaller and folk lving to the hilt so when things wobble there is nothing in the kitty ....then its somebody elses fault .....but this is the modern world we live in.....so be it but.. its no good whinging .....credit is the ruin of much and is a big part of many peoples lives sadly....R683532

[Brenda Shackleton]

Hello
1979 the Bank Base rate was 17%. Stayed in double figures for years. 1989 = 14.87%
Ok if you had savings but struggling with a Mortgage then was really tough. Banks would only accept one salary for a Mortgage. The rot set in when they allowed 2 salaries and up and up went the house prices.
Happy days ! Taught us how to save - on everything. Never waste anything

Brenda

[James Curry]

When I was after a mortgage you were usually only offered a mortgage based on 2.5/2.75 times your salary now they can borrow nearly 8 times their salary. The first house I bought in 1972 cost me £6950 I sold a similar house 2 years ago £395000 that same house is back on the market at £475000. Kids these days have not got a chance to get a foot on the property market , not without the help of the Bank of Mum & Dad.

[Keith Tindell]

I can well remember the control on debt that we had years ago, if you wanted a TV you had to put a third deposit, we always knew that any debt has to be paid back, don't go in deep, if you do it leads to pain. This is where we are at now, all the money borrowed to keep the economy going, is now pay back time. On the 17th November you will hear the squeals of pain when we learn where its going to come from. Some people will learn they cannot have a new car every other year, or expensive holidays, its batten down, and put the lifelines out.

[Denis O'Shea]

#2 John the Raving Looney Party are already in power in the UK. Den

[thomas michael]

hi keith #8
good evening, Controls on spending will be here soon enough, at the moment there is legislation going through parliament in holland where everybody will have to tell their bank why they want the money and what they are going to spend it on, sums of one hundred euro and to a maximun sum of three thousand euro, this same policy is happening across europe, Canada is also putting these laws into place as seen by the recent actions taken against demonstrators when the goverment stopped the protestors ie the truck drivers from accessing their bank accounts and blocking any withdrawals, as a matter of fact only a couple of months ago i was asked in my bank what i proposed to do with the two grand i had withdrawn that day (,my answer is unprintable,) The points ive made will become statuary in all countries following the globalist ideology, because of the quantitative easing or ( printing of trillions of pounds or other currencies ) there is too much money in the system, and they want to solve the problem by high taxation and a complete diversion from spending paper currency so there intent is to have us use plastic,and then that will mean they will have complete control of your bank and bank balance, ( remember what cyprus did with any or all bank accounts when there was a run
on the banks 2012/2013 ) all forced through by the european union due to the debts they owed.
i fear we are not too far away from this intervention,
tom