- This topic has 29 replies, 9 voices, and was last updated 15 years, 11 months ago by
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The UK Gov’t is clearly deceiving the public on several issues.
They say unemployment is still low at 1.7 million but don’t mention the other 1 million seeking jobseekers allowance and other training schemes therefore unemployed also, so the total is around 3 million and rising.
They say the UK needs 160000 new houses per year yet there are 1 million boarded up properties (6 years supply) which are owned by various Councils etc around the country ready to be demolished they say in order to build new houses (crazy), yet housebuilding has ground to a halt so why not renovate existing stock.
The UK’s economy and Sterling is looking in dire straits as well as Spain’s, property prices are falling fast, hardly any sales, unemployment rising fast and when things feed through in the next 6-12 months it will have a serious effect on confidence. 🙄
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Goodstich, IMO the US will come out of recession/slump next year and after a new President is elected assuming it’s Obama, I think there will be a new optimism there, I also think the dollar will continue to strengthen later, but it’s just my opinion – ‘or is it?’
I think too that sterling will weaken first and the UK will lag the US for a year or so coming out of it’s woes, sterling has been hit recently, then I think next year the Euro will be punted down against the dollar and sterling, troble is it’s not an exact science, nobody really knows.
Several leading economists are talking in similar language.
The point of the post was to sure that the UK Gov’t is just as guilty of massaging figures as Spain’s Gov’t, a lot of bad news is still to filter through.
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As the cost of providing benefits to the growing numbers of unemployed escalate, bailing out the odd institution here and there, and reduced revenue from taxes, the public sector net borrowing/cash requirement will grow at alarming rates, to plug the gap both individual and corperation tax will increase and the investment you discuss will start to dry up. Businesses will fold unemployment will rise, tax revenues will fall further and the same spiral that brought us here will take us all the way back down.
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According to http://www.housepricecrash.co.uk Forums page, Barrat Homes are reducing some of their homes by 43%, and apparently 6 leading estate agents in Leeds, have onlty managed to sell 6 flats between them in 2 months.
Two agents I’ve spoken to recently in the South, reckon next year will be much worse than this for property sales as all the bad news is yet to filter through over the Winter.
There will be real bargains around in a year or two in the UK and abroad.
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http://www.dailymail.co.uk/news/article-1058601/Apocalypse-Now–New-world-order-devastating-implications-Western-nations.html
There’s all the doom & gloom you can get in this article! -
Wow Claire that’s like a Tsunami, batton down the hatches it seems.
Or, things can only get better, fingers crossed etc! 😉
A lot of UK estate agents are twiddling their fingers now and expecting next year to be a lot worse, is it better to try and sell property now or wait it seems for things getting worse or hang on for a recovery which might take years?
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@angie wrote:
With all last weeks bad news, I think the worst was the appointment of Peter Mandelsson again, was sacked twice, for mortgage fraud and helping an illegal gain UK entry, maybe he will prove to be the final nail in Brown’s coffin.
I really can’t stand that supercillious twat.
Well said and immaculate prose
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Seconded. Could hardly believe what I was reading. 🙁
Richard Littlejohn summed it up perfectly:
“Brown came into office promising to draw a line under the spin, sleaze, dishonesty and division of the Blair years. It was always nonsense, but enough people fell for it. Yet he has now recalled into his Cabinet the living embodiment of all that is rotten and disreputable about New Labour.
Putting this odious, discredited creep back into one of the great offices of state is an affront to any definition of decency”.
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Unemployment in the UK is rising fast and if and when the true numbers are disclosed it’s going to have serious repercussions for the UK.
I read yesterday, that most employed people in the UK have only 2 months savings to draw on if they lose their jobs, and they would not have mortgage help for at least 10 months I believe, so the Banks etc would start to repossess their homes.
Brown and Darling have been papering over the facts for some time, and deal with each problem as it arises rather than the whole package.
I think the UK, like Spain, is on the skids, and sterling appears to be dropping against the dollar too.
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@angie wrote:
I read yesterday, that most employed people in the UK have only 2 months savings to draw on if they lose their jobs, and they would not have mortgage help for at least 10 months I believe, so the Banks etc would start to repossess their homes.
I read that it was something like 12 days but that might have been just for those with mortgages. There have been reports of a lot of people running up credit card debt to see them through to the end of the month which must be very worrying. They have changed the rules on mortgage help when they realised how bad the situation is, it is only a 3 month wait now.
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Mike, that’s interesting about the mortgage help being available in 3 months, I haven’t heard that before, where did you hear it?
If they have, then it’s going to cost the Gov’t even more to add to the UK’s debt mountain as there will be so many people claiming it.
I agree c.c. debt etc will rise sharply especially over Xmas, another headache in waiting.
The recent .5% int rate reduction will probably have little effect on UK property now that Winter is coming which is always a bad time for selling property, I think the powers to be have reacted after the horse has bolted.
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@angie wrote:
Mike, that’s interesting about the mortgage help being available in 3 months, I haven’t heard that before, where did you hear it?
It was reported by the BBC a month or so ago and I have read it in a few newspapers
http://news.bbc.co.uk/1/hi/programmes/moneybox/7601147.stm
The government also announced that it will pay mortgage interest earlier.
The current waiting period of 39 weeks will be cut to 13 weeks.
@angie wrote:
If they have, then it’s going to cost the Gov’t even more to add to the UK’s debt mountain as there will be so many people claiming it.
Yep! But don’t worry, they can raise taxes.
@angie wrote:
I agree c.c. debt etc will rise sharply especially over Xmas, another headache in waiting.
The recent .5% int rate reduction will probably have little effect on UK property now that Winter is coming which is always a bad time for selling property, I think the powers to be have reacted after the horse has bolted.
The banks have cut mortgage rates but the days of lending up until August last year are over for another generation or two. I hope property prices continue to fall rapidly because I’d like to buy a couple before I am either taxed to death, the banks throw in the towel, or hyperinflation makes my savings worthless.
Still, I mustn’t grumble. I have had so much fun saying I told you so in the past year that it is almost worth it!! 😉
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I think I share your last comment Mike re ‘I told you so’, but only to those who just won’t listen, I feel sorry for those being urged to buy anywhere now in a falling market or those who bought within the last 2 years or so who payed top whack.
I still think that many estate agents whether UK or Spain are clearly overpricing property in order to get the instructions only to talk the vendors down when property doesn’t sell. It seems universal now for agents even like Savills etc to be commission driven at all cost and sod the purchaser paying over the odds.
Economists still say that property in the UK etc is some 25-30% overpriced as they were saying about Spain’s property a while ago.
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Now, Darling and Brown are Threatening Banks (now they own them) not to evict people from their homes, a nice touch, but presumably they are running scared of the rapidly rising repossession rate which will queer their their economic mismanagement further, so a little more massaging of the figures will look better for them.
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The “1.7 million” unemployed figures are also massaged by;
Making Working Tax Credit and Family Tax Credit the same amount (pretty much) as Job Seekers Allowance, so that people who formerly would have been on the dole are now “self-employed”. People on JSA get hassled; those on WTC/FTC don’t. And don’t get added on to the Unemployment figures.
Tarting up FE colleges and chasing the under 20’s who aren’t either in employment or “training” to enroll-often in areas where they stand very little chance of gaining employment-like media and performance.
Add both of these sectors on and the actual figures ae probably closer to 4, possibly 5 million.
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