This Blog has had more to say about the dangers of this cancer within our economy than almost any other subject. There is not a lot to add. Now running at an average of over 10% across the country, this is unsustainable and will lead to a very hard landing unless action is taken now. So far there have been tinkerings but no firm clear signal that enough is enough. The best would have been to create a Mortgage Rate running alongside Bank Rate, which could be moved up without affecting interest rates in the wider economy.
The present situation is not only fiscally suicidal, but it also sucks money out of all the key areas of economic regeneration in order to fund a binge in the financial sector. Too many modern politicians have a finger in that pie. The outcome is cuts on the one hand and excessive government borrowing on the other. The total interest bill as a first call on all income of both the government and households in the UK is now £100 billion per year. It is difficult enough to find that money now, which comes before a single nurse is paid or a single plate of food is put on the table.
Just think how hard it will be to pay when the next crash comes.
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