Getting worse

[Pathca]

The thing is house prices have gone up out of proportion with other things,so the old two and a half times your salary would mean people who aren’t comparatively badly paid only being able to buy ‘cheap ‘ property,that just isn’t available

[Chappers51]

Sadly a lot of the cheaper properties which my generation used to buy as starter homes are now being snapped up by investors. Locals often can’t afford the prices these achieve at auction and end up having to rent.

[niemeyjt]

And now the Bank of England has had to intervene to prevent a complete collapse:

The Bank of England has stepped in to calm markets as it warned of 'material risk' to UK stability.

In a massive intervention this morning, the central bank said it will postpone quantitative tightening – the process of selling government bonds.

Instead, it's going to start buying up long-term bonds.

The Bank said: "Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability.

"This would lead to an unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy."

It's not clear how big this bond-buying programme will be, but the Bank said they'll be carried out on "whatever scale is necessary".

It comes after Kwasi Kwarteng's tax-cutting Budget sparked a slump in the pound and drove up government borrowing costs.

source: https://www.telegraph.co.uk/business/20 ... k-england/

Please MPs, get those letters into the 1922 so we can get some grown-ups in charge again.

[niemeyjt]

And elsewhere:

Torsten Bell, the chief executive of the Resolution Foundation, described the mini-Budget as "by far the worst unforced economic policy error of my lifetime".

"The scale of the destruction it is bringing is hard to comprehend," he said.

"Higher import prices, surging mortgage bills, higher deficits risking big spending cuts to come, pension funds taking big losses on forced asset sales, and likely lasting risk premiums for UK firms and the Government."

source: https://www.telegraph.co.uk/politics/20 ... onference/

[Bayleaf]

Aren't they still on recess (again)?

[Bayleaf]

Liz's First Week - Kicking it out of the Park by Stephen Collins

Liz's First Week - Kicking it out of the Park by Stephen Collins..jpg

Brutal!

[Polarengineer]

Where is mistrust in this difficult time for the gov?

[Bayleaf]

Where is mistrust in this difficult time for the gov?

Found some recently vacated fridge maybe?

[DaveW]

Kwasi Kwarteng and herself have been gagged. Trouble is they will have to appear at the party conference next week, or maybe parliament will be recalled and……..

What an effing mess.

[Hotrodder]

If ever there was a time for some sort of revolution this is it. How bad does it have to get for the masses before they get off their backsides and take to the streets.