| Interest rates up to 3% 12:03 - Nov 3 with 5114 views | Keno |
BREAKING
Interest rate rises to 3%
As anticipated, the Bank of England has raised interest rates by 0.75 percentage points to 3%.
It is the biggest single rise in the cost of borrowing since 1989. |  |
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| Interest rates up to 3% on 12:06 - Nov 3 with 2925 views | homer_123 |
Scary thought, many on here would not have been born before 1989..... |  |
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| Interest rates up to 3% on 12:07 - Nov 3 with 2909 views | noggin |
Ouch! |  |
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| Interest rates up to 3% on 12:08 - Nov 3 with 2896 views | Guthrum |
Will it actually do any good, or just increase misery? |  |
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| Interest rates up to 3% on 12:10 - Nov 3 with 2893 views | Keno |
| Interest rates up to 3% on 12:08 - Nov 3 by Guthrum |
Will it actually do any good, or just increase misery? |
In short no and yes
The forecast are rate will go top another 2% in the coming months | |
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| Interest rates up to 3% on 12:18 - Nov 3 with 2835 views | Guthrum |
| Interest rates up to 3% on 12:10 - Nov 3 by Keno |
In short no and yes
The forecast are rate will go top another 2% in the coming months |
The fact this inflation is driven by supply-side and energy problems rather than excess borrowing says to me that interest rate manipulation will do nothing at all. It's just a knee-jerk theoretical response. | |
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| Interest rates up to 3% on 12:21 - Nov 3 with 2823 views | BanksterDebtSlave |
| Interest rates up to 3% on 12:18 - Nov 3 by Guthrum |
The fact this inflation is driven by supply-side and energy problems rather than excess borrowing says to me that interest rate manipulation will do nothing at all. It's just a knee-jerk theoretical response. |
Inflation has been stoked by excessive borrowing (QE)....and look what has happened just at the mention of unwinding it!! |  |
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| Interest rates up to 3% on 12:28 - Nov 3 with 2786 views | Guthrum |
Not sure that's a good thing, tho. People trapped in negative equity, unable to renew expensive mortgages or first-time buyers get them at all. Fewer homes available to buy, as potential sellers decide not to put houses on the market. Repossessions. Upward pressure on rents as demand increases and higher mortgages have to be covered. Wage inflation to cope with accomodation. Less money for people to spend on their homes and gardens, so tradesmens' incomes fall.
"Readjustment" might be a good concept in economic theory, but it means real pain for people. | |
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| Interest rates up to 3% on 12:28 - Nov 3 with 2782 views | J2BLUE |
That's if people renting can save a deposit. No doubt the less ethical landlords will pass on every penny of the rise to their tenants, probably even if they are on fixed rates. |  |
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| Interest rates up to 3% on 13:20 - Nov 3 with 2594 views | Guthrum |
| Interest rates up to 3% on 12:21 - Nov 3 by BanksterDebtSlave |
Inflation has been stoked by excessive borrowing (QE)....and look what has happened just at the mention of unwinding it!! |
QE is not consumer or business borrowing and, in any case, has been on the go for more than a decade, so isn't responsible for this recent burst. | |
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| Interest rates up to 3% on 13:21 - Nov 3 with 2592 views | giant_stow |
| Interest rates up to 3% on 12:21 - Nov 3 by BanksterDebtSlave |
Inflation has been stoked by excessive borrowing (QE)....and look what has happened just at the mention of unwinding it!! |
There seems to be a big debate about that, with those on left blaming Guther's supply side problems and those on the right blaming QE (now that they've had their fill of rising asset prices).
Also just to angrily note the BofE's prediction of a 2 year recession: i get they need to be seen to be good at forecasting, but wouldn't it be wiser to forget about institutional reputation for a moment and try not to create a self-fulfilling prophecy? [Post edited 3 Nov 2022 13:25]
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| Interest rates up to 3% on 13:22 - Nov 3 with 2577 views | BlueBadger |
| Interest rates up to 3% on 13:21 - Nov 3 by giant_stow |
There seems to be a big debate about that, with those on left blaming Guther's supply side problems and those on the right blaming QE (now that they've had their fill of rising asset prices).
Also just to angrily note the BofE's prediction of a 2 year recession: i get they need to be seen to be good at forecasting, but wouldn't it be wiser to forget about institutional reputation for a moment and try not to create a self-fulfilling prophecy? [Post edited 3 Nov 2022 13:25]
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Did you just suggest that the BofE Get Behind It's Country? |  |
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| Interest rates up to 3% on 13:24 - Nov 3 with 2566 views | giant_stow |
| Interest rates up to 3% on 13:22 - Nov 3 by BlueBadger |
Did you just suggest that the BofE Get Behind It's Country? |
I hope not!!
I just wish they'd try to not make things worse with talk of the longest recession ever. It's might well turn out that way, but what use is this talk? | |
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| Interest rates up to 3% on 13:25 - Nov 3 with 2563 views | tractordownsouth |
Normally a house price fall would be good but given so many people have had to take on extra debt to even get on the housing ladder in the first place, there will be a lot of pain. Until 2nd homes and buy-to-lets are severely restricted, the housing issue won't improve regardless of what rates are. |  |
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| Interest rates up to 3% on 13:26 - Nov 3 with 2545 views | WD19 |
Exactly as predicted, but the BBC will still go big on the shock.
Yesterday we learned that making a cup of tea is now more expensive than a year ago.
Mince pie armageddon next month. [Post edited 3 Nov 2022 16:46]
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| Interest rates up to 3% on 13:27 - Nov 3 with 2528 views | giant_stow |
| Interest rates up to 3% on 13:26 - Nov 3 by WD19 |
Exactly as predicted, but the BBC will still go big on the shock.
Yesterday we learned that making a cup of tea is now more expensive than a year ago.
Mince pie armageddon next month. [Post edited 3 Nov 2022 16:46]
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Thigns will get so bad that we';ll be eating mice?! ! ?! !!?
(sorry) | |
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| Interest rates up to 3% on 13:29 - Nov 3 with 2515 views | ElephantintheRoom |
That’s terrible.Much more of this and people might be tempted to start saving again |  |
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| Interest rates up to 3% on 13:31 - Nov 3 with 2508 views | hype313 |
| Interest rates up to 3% on 13:25 - Nov 3 by tractordownsouth |
Normally a house price fall would be good but given so many people have had to take on extra debt to even get on the housing ladder in the first place, there will be a lot of pain. Until 2nd homes and buy-to-lets are severely restricted, the housing issue won't improve regardless of what rates are. |
Or we build more houses, which is what people have been saying for years, but the Tories have their finger in their ears on this as it's good for them to have a housing bubble. |  |
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| Interest rates up to 3% on 13:40 - Nov 3 with 2456 views | Guthrum |
| Interest rates up to 3% on 13:29 - Nov 3 by ElephantintheRoom |
That’s terrible.Much more of this and people might be tempted to start saving again |
Only if they have spare money. | |
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| Interest rates up to 3% on 13:40 - Nov 3 with 2458 views | Darth_Koont |
| Interest rates up to 3% on 13:29 - Nov 3 by ElephantintheRoom |
That’s terrible.Much more of this and people might be tempted to start saving again |
How do millions of people save when there’s been wage stagnation for years even before the current cost of living spike?
How do young people and other non-home owners save when the vast majority are being utterly rinsed by the cost of private renting?
How do home owners save when their already grossly inflated mortgages are now even more expensive?
And how is a country that is forcing tens of millions to really draw in the purse strings going to get its economy working better when it was struggling even in “normal” times? |  |
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| Interest rates up to 3% on 13:45 - Nov 3 with 2430 views | giant_stow |
| Interest rates up to 3% on 13:40 - Nov 3 by Darth_Koont |
How do millions of people save when there’s been wage stagnation for years even before the current cost of living spike?
How do young people and other non-home owners save when the vast majority are being utterly rinsed by the cost of private renting?
How do home owners save when their already grossly inflated mortgages are now even more expensive?
And how is a country that is forcing tens of millions to really draw in the purse strings going to get its economy working better when it was struggling even in “normal” times? |
older people with savings will be happy - its the young that 'll get in the neck once again.
I really wonder if there's a limit to how badly the young can be screwed over. | |
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| Interest rates up to 3% on 13:55 - Nov 3 with 2402 views | DanTheMan |
| Interest rates up to 3% on 13:45 - Nov 3 by giant_stow |
older people with savings will be happy - its the young that 'll get in the neck once again.
I really wonder if there's a limit to how badly the young can be screwed over. |
I saw one on the BBC this morning parroting the usual lines.
"I paid 15% interest blah blah blah"
Ignoring the crazy ratio increase between wages and house prices and ignoring that you could also get tax relief on interest under MIRAS.
But good for them because their savings will increase, yay! |  |
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| Interest rates up to 3% on 14:06 - Nov 3 with 2351 views | Darth_Koont |
| Interest rates up to 3% on 13:45 - Nov 3 by giant_stow |
older people with savings will be happy - its the young that 'll get in the neck once again.
I really wonder if there's a limit to how badly the young can be screwed over. |
Apparently not.
It’s such a screw up to allow these extreme generational disparities to develop and not see that the long-term and knock-on effects of that will be even worse as time goes by.
But entirely in keeping with how the UK political and media establishment see their own interests served by carving up the country and unbalancing the economy to benefit white, middle-aged and older, London-centric home owners like them.
“Fcuk the UK. Take what you can.” | |
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| Interest rates up to 3% on 14:07 - Nov 3 with 2350 views | giant_stow |
| Interest rates up to 3% on 13:55 - Nov 3 by DanTheMan |
I saw one on the BBC this morning parroting the usual lines.
"I paid 15% interest blah blah blah"
Ignoring the crazy ratio increase between wages and house prices and ignoring that you could also get tax relief on interest under MIRAS.
But good for them because their savings will increase, yay! |
Honestly, it actually disgusts me.
Even the very young are getting it now: schools are looking at 4 day weeks (a mate in the DoE says some might even have to shut), services decimated just when the child pandemic sufferers need it most and all with catastrophic climate change on the near horizon. Its a shame on us all. [Post edited 3 Nov 2022 14:08]
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| Interest rates up to 3% on 14:10 - Nov 3 with 2321 views | Keno |
| Interest rates up to 3% on 13:29 - Nov 3 by ElephantintheRoom |
That’s terrible.Much more of this and people might be tempted to start saving again |
so you arent concerned by the paradox of thrift then? | |
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