Can interest rises work?

[Spandaubaggie]

Martin Lewis is doing a mortgage special tonight which should shine light on the matter somewhat.

My own onions is I'm glad I've been offered a decent 5 year deal now which I will take as think those coming out next year are facing much more pain.

We saw a decade of crazy low interest rates, but those days are gone forever and we're returning to the 300 year regular rates.

I feel particularly sorry for those under 40 or so who have never seen this before, and have paid far more than generations before had for property as this interest rates pushed property into orbit.

The biggest winners are those in pension age now who bought in the 1980s and before. Let's hope we all have a few of them leaving money to us.

[Protheroe]

With wages rising at 7%+ in the private sector and circa 6% in the public sector I can't see the BoE giving up its hawkish approach any time soon. Interest rate peak in the late Autumn maybe? No substantive reductions until mid 2024 at the earliest.

[backsidebaggie]

I reckon later than that. And I think rates will still go higher yet.

[Borin' Baggie]

The Times now reporting on the OBR stating the obvious on tax increases

So that's the FT, Bloomberg and The Times. Time to put an end to this fiscal cakeism.

[Protheroe]

You could've used that headline on any daily masthead since 2008.

"The switch to electric vehicles will cut £13 billion from fuel duty by 2030 and by that time public spending on decarbonising the economy could have reached £17 billion a year."

Mileage Charges and VED on top of the huge cost of electric cars then. Mass personal transportation is about to become a thing of the past - no wonder the Passat I bought to carry the dog around in earlier this year is worth £1500 more than when I bought it...

It's also worth noting that the OBR's forecasts of 9 months ago have turned out to be wholly incorrect, so I'm impressed by their clarity of thinking over the UK's fiscal position in 2070 - and the fact that you've accepted it so willingly.

[Protheroe]

The UK government’s borrowing costs at 4.4% are now more than Italy’s at 4.2%

[CaptainFantastico]

Just waiting for the Brexit boom to waft over us all....

[Protheroe]

Just waiting for the Brexit boom to waft over us all....

Unfortunately 2017 and 2019 gave you the option of a big state / big regulation Tory Party or Jeremy Corbyn.

The choice you'll have next year will be between tweedledumb and tweedledumber so we'll all be waiting decades for some supply side reform I suspect.

[Protheroe]

A lot of people are going to be very disappointed. It really doesn't mater who you vote for in 2024.

https://www.bbc.co.uk/news/uk-politics-66215122

[baggy1]

A lot of people are going to be very disappointed. It really doesn't mater who you vote for in 2024.

https://www.bbc.co.uk/news/uk-politics-66215122

So you have the choice between the most corrupt bunch of politicians in our lifetimes, possibly ever, or the Labour party who will at least bring it back to normal. I'd say that alone is a choice