Thursday, March 08, 2012

3 years at 0.5% interest - Gross negligence in governance!

First the Chancellor of the Exchequer in the grotesque form of Gorden Brown handed over monetary policy to the Bank of England in the form of the MPC. Now the mortgage providers have acted, after many years of utter incompetence and particularly the last three years of one half of one percentage point interest rates and large scale money printing dressed up as QE.

Soon, just as Parliament gave its powers to the EU and thus became an irrelevance and mere source of pensions and perks for its members, the Bank of England will be irrelevant in the relationship between borrower and lender. The QE and low interest rates brought in following the 2008 collapse in the economy have clearly merely bought a little time while making matters worse. Read one report here.

The Bank of Ireland today raised its UK mortgage rate SVR from 2.99% to 4.49%, read here. More comment on similar coming increases is here.

The moochers and looters have sat and twiddled their thumbs for years, now the consequences will be seen. Some of the many warnings made by this blogger down the years may be read from here.



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