Over 40 per cent of middle-class professionals fear that they will struggle to pay their mortgages in 2009, according to latest research. The YouGov survey on the housing market revealed today that more than two out of five (42 per cent) of middle-class professionals were ‘worried’ about not being able to keep up with their [...]
December, 2008
Bailiffs allowed to “pin down” debtors
The Government has proposed new powers for bailiffs which, if successful, would allow them to restrain or pin down debtors to seize goods. Under proposed regulations, bailiffs from private firms would be allowed to force their way into homes to collect valuables and would be able to use “reasonable force” to physically remove debtors who [...]
“Debt” to drive divorce rate up
Divorce rates are set to soar next month, as couples struggle under increasing financial pressure, according to the Local Government Association (LGA). Councils across England predict that there will be a surge in the number of divorces at the beginning of 2009, as couples fail to deal with multiple pressures of the festive season – [...]
A Broad Based (or Broad and Base?) Economy
I read a very interesting article today which I think sums up one of the underlying reasons behind the recession we are currently facing. It concerns the difference between ‘broad’ money and ‘base’ money which I will describe in a moment. Many people blame the problems the banks are facing on their own irresponsible lending [...]
Banks on verge of collapse
The BBC has revealed that two of Britain’s largest banks, The Royal Bank of Scotland (RBS) and Halifax Bank of Scotland (HBOS), were close to financial collapse in the middle of October. The BBC’s Panorama programme stated that, because of the global credit crisis, the banks were finding it impossible to raise short term credit. [...]
Taxpayers cash wasted on banker’s Christmas
Following on from my earlier blog, I’ve read today that, despite being held largely responsible for the economic decline, Britain’s nationalised banks will be spending millions of taxpayers’ money to fund their lavish Christmas celebrations. Whilst many people struggle with their debts as a result of the financial downturn, HBOS is throwing a luxury “dinner [...]
Red Rom’s Ruin?
As Windsor Davis would say in ‘It Ain’t half Hot Mum’, “Dear oh dear, what a pity, what a shame!” I just read that Roman Abramovich is down to his last £7billion! How will the poor soul survive I wonder? Well, apparently he’s decided to cut back on his spending by not paying the usual [...]
Mortgage arrears to hit half million in 2009
The Council of Mortgage Lenders (CML) estimate that the number of households falling behind on their mortgage repayments for three months could reach half a million in 2009. This figure is double the amount of expected homeowners falling behind with payments than this year – estimated at 210,000. Their predictions also conclude that due to [...]
The Archbishop of Creditcrunchbury
In an interesting new twist on how to handle the current spiraling debt and economic meltdown the Archbishop of Canterbury, Dr Rowan Williams, has seen fit to put in his twopennyworth by questioning the Government’s attempts to stimulate spending as a way to stem the recession we find ourselves in. He apparently believes that the [...]
Unemployment highest since 1999
Figures from the Office of National Statistics reveal that the number of people out of work has risen by 137,000 in the three months to October. The total number of people unemployed now stands at 1.86 million – the highest since June 1999. This has taken the unemployment rate up to 6% from 5.8% previously. [...]
