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Post by Fairsociety on Aug 3, 2023 17:34:53 GMT
Inflation is the reason for these interest rate rises, the contributing factors high food and energy prices.
CAP them, the government need to step in and stop excessive profits, and bring them down to earth with a thud.
Mr & Mrs Jones paying another £200 a month on their mortgage are being punished for reckless lending in the BoE, who lent out to businesses, individuals during the COVID pandemic, and now can't get their money back because those they lent to were either fraudsters or gone bust, so now the homeowners must pay for their reckless investments.
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Post by Fairsociety on Aug 3, 2023 18:13:13 GMT
Just to make you aware the BoE on tracker mortgages is not allowed to raise interest rates more than 'eight times' in one year.
Are they now breaking the law?
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Post by sheepy on Aug 3, 2023 18:31:23 GMT
Just to make you aware the BoE on tracker mortgages is not allowed to raise interest rates more than 'eight times' in one year. Are they now breaking the law? In all honesty I don't know if that is right or not, do you have any reading material to back it up? |
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Post by Fairsociety on Aug 3, 2023 18:39:03 GMT
Just to make you aware the BoE on tracker mortgages is not allowed to raise interest rates more than 'eight times' in one year. Are they now breaking the law? In all honesty I don't know if that is right or not, do you have any reading material to back it up? The BoE's Monetary Policy Committee (MPC) meets eight times a year to discuss whether it should raise or cut interest rates or keep them the same. The MPC last met on 22 June. It will next meet on 3 August. The hike on 22 June marked its 13th consecutive increase to the base rate.
Do the maths, they meet 'eight' times a year, which means the rises can either be cut or raised within those 'eight meeting' ... work it out.
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Post by Red Rackham on Aug 3, 2023 20:20:56 GMT
I genuinely feel for people with mortgages, I'm not being smug, I mean it. It's no fun worrying over interest rates and I've been there. It's pretty obvious the BoE are more concerned about inflation than repossessions and tbh, it's never been any different.
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Post by Fairsociety on Aug 3, 2023 20:33:08 GMT
I genuinely feel for people with mortgages, I'm not being smug, I mean it. It's no fun worrying over interest rates and I've been there. It's pretty obvious the BoE are more concerned about inflation than repossessions and tbh, it's never been any different. I feel for mortgage payers who are having to pay the price for the BoE reckless lending of investors money to prop up COVID businesses, and individuals who have turned out to be either bogus, or gone bust, and now the mortgage payers have to be the cash cows to recuperate that money ASAP.... or the BoE investors will be pissed off. |
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Post by andrewbrown on Aug 3, 2023 20:36:20 GMT
What has the BoE got to do with Furlough?
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Post by Fairsociety on Aug 3, 2023 20:42:30 GMT
What has the BoE got to do with Furlough? Nothing, that was the governments waste of tax payers cash.
HELLO!!
In Britain, the Bank of England spent £200bn in its role as buyer of last resort. This week the Bank will attempt to draw a line under the pandemic by becoming a seller again, albeit by simply not repurchasing government bonds it currently holds.
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Post by Red Rackham on Aug 3, 2023 20:48:40 GMT
I genuinely feel for people with mortgages, I'm not being smug, I mean it. It's no fun worrying over interest rates and I've been there. It's pretty obvious the BoE are more concerned about inflation than repossessions and tbh, it's never been any different. I feel for mortgage payers who are having to pay the price for the BoE reckless lending of investors money to prop up COVID businesses, and individuals who have turned out to be either bogus, or gone bust, and now the mortgage payers have to be the cash cows to recuperate that money ASAP.... or the BoE investors will be pissed off. FS, if the government had not supported businesses during covid then thousands would have gone bust and the government would have been on the receiving end of endless criticism for allowing businesses to go under, and yes I know there was corruption and much of it has been written off. What can I say? Apparently there's a 1 in 4 chance of another pandemic within five years so maybe the government will be better prepared next time. But regardless of pandemics and whichever government is in power, interest rates are always raised in an attempt to control inflation. |
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Post by Fairsociety on Aug 3, 2023 20:54:37 GMT
I feel for mortgage payers who are having to pay the price for the BoE reckless lending of investors money to prop up COVID businesses, and individuals who have turned out to be either bogus, or gone bust, and now the mortgage payers have to be the cash cows to recuperate that money ASAP.... or the BoE investors will be pissed off. FS, if the government had not supported businesses during covid then thousands would have gone bust and the government would have been on the receiving end of endless criticism for allowing businesses to go under, and yes I know there was corruption and much of it has been written off. What can I say? Apparently there's a 1 in 4 chance of another pandemic within five years so maybe the government will be better prepared next time. But regardless of pandemics and whichever government is in power, interest rates are always raised in an attempt to control inflation. Red, the COVID pandemic ended up being for a lot of people/businesses a 'get rich quick' scam.
We know there were genuine people caught up in all of this, but as usual the genuine never get the support.
Now the government and are trying to balance the books they realise they are fucked.
They lent to business and individuals who were either fraudulant or just gone bust , but that was tax payers money, so who gives a fuck
........ the BoE has to get that money back, one way or another, they are answerable to their investors which is a different kettle of fish,
The mortgage payers are that 'one way or another' .... they have to pay for bad judgment and reckless lending on behalf of the BoE.
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Post by Red Rackham on Aug 3, 2023 21:13:55 GMT
FS, if the government had not supported businesses during covid then thousands would have gone bust and the government would have been on the receiving end of endless criticism for allowing businesses to go under, and yes I know there was corruption and much of it has been written off. What can I say? Apparently there's a 1 in 4 chance of another pandemic within five years so maybe the government will be better prepared next time. But regardless of pandemics and whichever government is in power, interest rates are always raised in an attempt to control inflation. Red, the COVID pandemic ended up being for a lot of people/businesses a 'get rich quick' scam.
We know there were genuine people caught up in all of this, but as usual the genuine never get the support.
Now the government and are trying to balance the books they realise they are fucked.
They lent to business and individuals who were either fraudulant or just gone bust , but that was tax payers money, so who gives a fuck
........ the BoE has to get that money back, one way or another, they are answerable to their investors which is a different kettle of fish,
The mortgage payers are that 'one way or another' .... they have to pay for bad judgment and reckless lending on behalf of the BoE. Back in the 1970's, 80's & 90's interest rates were much higher, as high as 17% or 18% at times, and mortgage payers always paid for it because every government and now the BoE use interest rates to control inflation which is seen as the greater evil. Historically 5.25% is not high. The fact is since 2008/9 people have got used to unrealistically low interest rates which today makes even small increases coupled with the cost of living crisis difficult to cope with. |
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Post by Fairsociety on Aug 3, 2023 21:18:15 GMT
Red, the COVID pandemic ended up being for a lot of people/businesses a 'get rich quick' scam.
We know there were genuine people caught up in all of this, but as usual the genuine never get the support.
Now the government and are trying to balance the books they realise they are fucked.
They lent to business and individuals who were either fraudulant or just gone bust , but that was tax payers money, so who gives a fuck
........ the BoE has to get that money back, one way or another, they are answerable to their investors which is a different kettle of fish,
The mortgage payers are that 'one way or another' .... they have to pay for bad judgment and reckless lending on behalf of the BoE. Back in the 1970's, 80's & 90's interest rates were much higher, as high as 17% or 18% at times, and mortgage payers always paid for it because every government and now the BoE use interest rates to control inflation which is seen as the greater evil. Historically 5.25% is not high. The fact is since 2008/9 people have got used to unrealistically low interest rates which today makes even small increases coupled with the cost of living crisis difficult to cope with. So swing and roundabouts, I don't hear savers shouting from the rooftops their saving interest rates have gone up 14 times in a row ... bit of a one sided coin. |
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Post by Red Rackham on Aug 3, 2023 21:21:46 GMT
Back in the 1970's, 80's & 90's interest rates were much higher, as high as 17% or 18% at times, and mortgage payers always paid for it because every government and now the BoE use interest rates to control inflation which is seen as the greater evil. Historically 5.25% is not high. The fact is since 2008/9 people have got used to unrealistically low interest rates which today makes even small increases coupled with the cost of living crisis difficult to cope with. So swing and roundabouts, I don't hear savers shouting from the rooftops their saving interest rates have gone up 14 times in a row ... bit of a one sided coin. Belive me, I agree. Savers have been shafted for a long time, but hopefully things may change, thanks to Farage. |
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Post by Pacifico on Aug 3, 2023 21:26:09 GMT
What has the BoE got to do with Furlough? 12 years of QE to finance nonsense like the furlough - did you not expect rising inflation? |
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Post by sheepy on Aug 3, 2023 21:50:34 GMT
Funny old world, you might think after so many ups and downs somebody might have fixed it long before now.
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