Stop panicking

[Sean]

When I was a young married with small children our mortgage rate was 15% if I remember right. Don't sob to me about a mere 6%.

When you were young ,it must have been difficult paying interest rates on mortages of 15 %. Some context though of the time is required. Back then , the average house price was 5 times the average salary.Now.....it`s 11 times the average salary. The only sobbing i currently see is from conservatives who know they have a dud in place as prime minister. Keir is Prime minister in waiting and the tories are toast. We all know it.

[T00ts]

Unless we are competitive there will be no wealth at all for anyone. Even the Labour tax to the hilt those who create wealth will simply send them abroad. It has happened before. Unless we make the NHS more appealing to doctors they will continue to vote with their feet. The policies of pumping ever more cash into failing institutions is stupid. Strikes for more money while denying that reform is necessary to keep up with innovations is stupid. Keeping the status quo to the point that good brains and ideas float off abroad is stupid. The EU is failing because it won't change and is protectionist. Thank goodness we have a chance to break free from that stultifying mindset. 
How is it China can move badly parked cars with remote controlled wheeled frames that lift the cars and manoeuvre them out of the way? Where did they steal that idea from? Why are we so pedestrian in our thinking and planning? Where is the freedom for our inventors and innovators? I'll tell you - a workforce who want to go back to stream as long as it means they can maintain their old ways, and Union leaders who only see their own notoriety as the goal.

I didn't want more 'of the same' Sunak or 'wooden' Truss for PM but if this woman can take this country by the scruff of the neck and start talking forward thinking sense to it. All credit to her - for as long as the pedantic grey suits let her.

[papasmurf]

How Christian of you Barry. Let them lose their homes for not knowing inflation and ballooning mortgage rates were going to occur when they took their mortgage out.

There are potentially six million homes on fixed term mortgages that are currently ending at around 100000 a month.

[patman post]

We have had decades of the same old same old and suddenly Truss has the guts to turn the tables. Decades of ambling along with little to shout about in thrall to a predominantly left EU and little chance since Brexit to strike out.

What were the choices? We were already in the mire with all the events of the past few years. The £ was too strong for us to become competitive and already companies are reporting a competitive edge both in the US and EU. Inflation was not just home grown although it suits the Left to persuade us it is so. The housing market has been a growing bubble for years and would have burst anyway soon. Sunak far from stabilising housing sent it rocketing with his ridiculous Stamp Duty holiday while he paid most people's salaries even when he didn't need to. No wonder so many would have preferred his nanny state.
It's interesting that when suddenly a politician treats the country like a lot of grown-ups instead of gently cuddling them and hiding the plain truth those who should know better run around like headless chickens demanding apologies at best and resignations at worst. This is the chance to break free and make some proper headway, but sadly too many institutions are coloured red and have no wish to see any national success especially under a truly Conservative Gov. Stop wailing and grow up it's pathetic.

I hope for all our sakes your optimism is borne out, though Hope is the only sentiment I can muster for myself.

Admittedly, the past few years have been abnormal with all the international upheavals around. But the UK wasn't helped by its initially indecisive PM who, I believe, history will hold responsible for the exceedingly high initial Covid death rates — though the panic throwing of money at vaccine procurement and delivery, that dampened down the death figures, might take the edge off.

Despite the amounts initially lost through fraud — some lost for good — Rishi Sunak's bold leap into massive funding to keep businesses and people solvent, was possibly the equal of Gordon Brown's bank rescue initiative.

The problem is that Truss and Kwartang believe they are the intellectual equals of Sunak and Brown,  while, earlier, Johnson tried to be a Churchill and Truss tried to be a Thatcher tribute act.

One action we (the PP family) took a couple of years ago was to invest in property in Europe. The rental income in GDP has fluctuated along with currency movements but, overall, it's increased. So if that's an indication of how to get a worthwhile return on investment, I wonder why any legitimate trade or business would invest their money in the UK. And that's what the Truss administration is basing the UK's future on...

[B0ycey]

That will teach them,

How Christian of you Barry. Let them lose their homes for not knowing inflation and ballooning mortgage rates were going to occur when they took their mortgage out.

[papasmurf]

That will teach them, for assuming everything will stay the same and buying what may become unaffordable. we have been addicted to ridiculously cheap borrowing.
Maybe they will have to downsize. Cutting a coat according to your cloth comes to mind.

Barry you are Liz Truss and I claim my £5. You and her seem to have no idea whatsoever of the social devastation that is going to be caused.

[Barry]

Good points? Try telling that to someone whose fixed term mortgage rate is near ended and will be replaced with new rate that will cost them and extra £8000 a year. (That is not even a maximum.)

That will teach them, for assuming everything will stay the same and buying what may become unaffordable. we have been addicted to ridiculously cheap borrowing.
Maybe they will have to downsize. Cutting a coat according to your cloth comes to mind.

[Good old]

We have had decades of the same old same old and suddenly Truss has the guts to turn the tables. Decades of ambling along with little to shout about in thrall to a predominantly left EU and little chance since Brexit to strike out.

What were the choices? We were already in the mire with all the events of the past few years. The £ was too strong for us to become competitive and already companies are reporting a competitive edge both in the US and EU. Inflation was not just home grown although it suits the Left to persuade us it is so. The housing market has been a growing bubble for years and would have burst anyway soon. Sunak far from stabilising housing sent it rocketing with his ridiculous Stamp Duty holiday while he paid most people's salaries even when he didn't need to. No wonder so many would have preferred his nanny state.
It's interesting that when suddenly a politician treats the country like a lot of grown-ups instead of gently cuddling them and hiding the plain truth those who should know better run around like headless chickens demanding apologies at best and resignations at worst. This is the chance to break free and make some proper headway, but sadly too many institutions are coloured red and have no wish to see any national success especially under a truly Conservative Gov. Stop wailing and grow up it's pathetic.

So the brave new dawn, paid for with increased mortgage payments general living costs, astronomical increases in energy costs, massive debt that will only ever be paid for by the going without of the poorest sectors of the population. The bubble may well burst on the housing market, a market made what it was always going to become by the great Tory of recent times. Only fit for purpose in her time , now only fit for the better off . Institutions, services, bleed dry , when they did not need to be, weakening the very fabric of all society not just the poorest.
And what does the new dawn stand on beyond the paying through the nose the poorest and middle income will do?
Oh yes the very best of earners  will get a nice five percent reduction on their tax bill . Now that is some kind of national success, more like a success for the 1% who as usual can't go wrong.
Until they realise in Tory land that success for a country is measured in far more than wealth for the wealthy, and start learning how to convert the success of the wealthy into the real benefit of a country that can't even mend its roads adiquetly it will only ever be a downward spiral.

[B0ycey]

Whilst neatly avoiding the swear filter, and on a Sunday, too!
Pretty pathetic posting that meme B0Ycey, a special low for you.
T00ts has made some good points.

There weren't any points being made actually Barry. It was a wall of text attacking the Left. I would rather her actually explain to us where the growth is coming from given Truss can't rather than say not to panic as nobody is panicking. Any government can borrow unsustainable levels and hand tax cuts for the rich in any case  The government has said we are borrowing for growth but haven't explained how. I expect the reason we are not seeing an OBR forecast is because it would contradict what the government is saying. This isn't doing something different anyway. It is a budget to reward the Tory members who backed her on the promise of tax cuts in any case which is covered by growth prediction clothing.

[papasmurf]

Whilst neatly avoiding the swear filter, and on a Sunday, too!
Pretty pathetic posting that meme B0Ycey, a special low for you.
T00ts has made some good points.

Good points? Try telling that to someone whose fixed term mortgage rate is near ended and will be replaced with new rate that will cost them an extra £8000 a year. (That is not even a maximum.)

[Barry]

That is the level of debate that the left endorses. 

Whilst neatly avoiding the swear filter, and on a Sunday, too!
Pretty pathetic posting that meme B0Ycey, a special low for you.
T00ts has made some good points.

[T00ts]

Whilst the Nasty Party show its true colours by abandoning millions of already poor people and cutting tax to the filthy rich.
The Tories have also abandoned their core vote to rises in the cost of mortgages that many will not be able to pay.

Exactly! Once again the Left rises to the cry of the poor that they will make poorer if once again they get the keys to No10. They believe in wealth redistribution more than they believe in creating it to start with. Redistribution of nothing is still nothing! They show the route to stagnation at every turn and the mistake of the last raft of Conservative PMs has been to be in thrall to the snake that was Blair and his sidekick who pretended to save the world and a fear of rocking the boat of complacency that is endemic in the EU . When I was a young married with small children our mortgage rate was 15% if I remember right. Don't sob to me about a mere 6%. The young want to buy houses? Well this might be the way they will do it.
So many years of low interest rates has duped them into borrowing without thought to what might happen, and things happen, it is a lesson learned. It's all part of being something called a grown up.

[papasmurf]

That is the level of debate that the left endorses.

Whilst the Nasty Party show its true colours by abandoning millions of already poor people and cutting tax to the filthy rich.
The Tories have also abandoned their core vote to rises in the cost of mortgages that many will not be able to pay.

[T00ts]

That is the level of debate that the left endorses. The Labour conference displayed a veneer, and how so thin, of an organisation of political and economic pragmatism and yet if you listen closely it still thrives on the politics of envy. If the Libdems hadn't commandeered yellow as it's colour of deceit, it would suit your Labour lot down to the ground.

We want more goes the cry! Not to the benefit of the masses but for every pressure group that shouts the loudest. Put them in charge and once again there will be economic melt down like there has been for decades every time they fool the electorate to vote for them. They care more about big spending and encroachment of the state and the bigger the better while taking in every tax they can think of, on the supposition that they know better than the chap who works his socks off, how to spend his hard earned cash at every level of society. Nanny state? They invented it. 
Wealth to the red tinted ones is a filthy word, yet I have yet to meet a poor Labour politician or activist of any standing. It pays them to have a poor group. It pays because they can brag about how they are the party to improve their lot. One has to ask just what they would do if they succeeded and there were no poor for them
to lord it over. 
Woe betide the country if once again they are stupid enough to believe the wolf in sheep's clothing. 

[T00ts]

We have had decades of the same old same old and suddenly Truss has the guts to turn the tables. Decades of ambling along with little to shout about in thrall to a predominantly left EU and little chance since Brexit to strike out. 

What were the choices? We were already in the mire with all the events of the past few years. The £ was too strong for us to become competitive and already companies are reporting a competitive edge both in the US and EU. Inflation was not just home grown although it suits the Left to persuade us it is so. The housing market has been a growing bubble for years and would have burst anyway soon. Sunak far from stabilising housing sent it rocketing with his ridiculous Stamp Duty holiday while he paid most people's salaries even when he didn't need to. No wonder so many would have preferred his nanny state.
It's interesting that when suddenly a politician treats the country like a lot of grown-ups instead of gently cuddling them and hiding the plain truth those who should know better run around like headless chickens demanding apologies at best and resignations at worst. This is the chance to break free and make some proper headway, but sadly too many institutions are coloured red and have no wish to see any national success especially under a truly Conservative Gov. Stop wailing and grow up it's pathetic.