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[Politics] The Labour Government



Is it PotG?

Thrifty non-licker
Feb 20, 2017
25,390
Sussex by the Sea




Hugo Rune

Well-known member
NSC Patron
Feb 23, 2012
23,631
Brighton
Curtailing of the right to buy. Probably a good idea?

Indeed.

I wonder how many former council owned properties have found their way to now being student HMO’s in Brighton? I’d wager it’s a lot! Meanwhile, young Brighton families are moving out of the city in their droves to find affordable housing. Get ready for another round of primary school closures.
 


chip

Well-known member
Jul 7, 2003
1,290
Glorious Goodwood
Could always rent Starmer's house or one of the Chancellor's properties (sorry it's on the Mail, also available on New York Times):


Not working people by their own definition :oops:
 


BrickTamland

Well-known member
Mar 2, 2010
2,229
Brighton
Could always rent Starmer's house or one of the Chancellor's properties (sorry it's on the Mail, also available on New York Times):


Not working people by their own definition :oops:
Not sure the PM would be anyone’s definition of an ordinary working person.

Must try harder!
 






KZNSeagull

Well-known member
Nov 26, 2007
21,069
Wolsingham, County Durham


chip

Well-known member
Jul 7, 2003
1,290
Glorious Goodwood
Not sure the PM would be anyone’s definition of an ordinary working person.

Must try harder!
I never said ordinary and I'm not really trying, it just seemed to fit with the housing theme. I'm mostly ambivalent to whatever party is in power. The article did make me smile though as it described Sunak as so rich he didn't need to rent out his Yorkshire pad as if this were a virtuous quality for a PM.
 






Bodian

Well-known member
May 3, 2012
14,134
Cumbria
Just the start I fear.

But - from that article:
  • pay is still rising faster than inflation
  • the ONS's Labour Force Survey, which produces the data on jobs in the UK, has had a smaller number of respondents over the past year than normal, prompting concerns over its reliability.
And also it relates to June/July/August. The general election was on 4 July - so there's nothing to show whether this increase happened before or after Labour got into Government.
 


Is it PotG?

Thrifty non-licker
Feb 20, 2017
25,390
Sussex by the Sea
Santander and other banks increase price of mortgage deals despite base rate cut
Experts have said further mortgage rate increases could be ahead.

Nothing to do with that fabulous non-inflationary budget.
 






A1X

Well-known member
NSC Patron
Sep 1, 2017
20,468
Deepest, darkest Sussex
But - from that article:
  • pay is still rising faster than inflation
  • the ONS's Labour Force Survey, which produces the data on jobs in the UK, has had a smaller number of respondents over the past year than normal, prompting concerns over its reliability.
And also it relates to June/July/August. The general election was on 4 July - so there's nothing to show whether this increase happened before or after Labour got into Government.
Pfft, you can’t expect people to actually read things, much easier to see a headline and knee jerk to that
 


Guinness Boy

Tofu eating wokerati
Helpful Moderator
NSC Patron
Jul 23, 2003
37,275
Up and Coming Sunny Portslade
Santander and other banks increase price of mortgage deals despite base rate cut
Experts have said further mortgage rate increases could be ahead.

Nothing to do with that fabulous non-inflationary budget.
Correct.

Unusually insightful.
 


Bodian

Well-known member
May 3, 2012
14,134
Cumbria
Santander and other banks increase price of mortgage deals despite base rate cut
Experts have said further mortgage rate increases could be ahead.

Nothing to do with that fabulous non-inflationary budget.
Day after the base rate fall I had an email from the building society reducing the interest rate on my small ISA though!
 






Bodian

Well-known member
May 3, 2012
14,134
Cumbria

Long-Term Funding Costs:​

Mortgage lenders rely not only on short-term borrowing costs but also on long-term funding markets, which can be volatile and are influenced by global economic conditions. In recent months, the cost of securing funding over long-term periods has remained relatively high. Bond yields, a common benchmark for long-term funding, are still elevated due to inflationary pressures and uncertainties in global financial markets. This means banks like HSBC are facing higher costs to fund longer-term fixed-rate mortgages, leading them to increase customer rates.


A number of major lenders are increasing the cost of fixed rate mortgage deals, following a similar move by Santander (see stories below), as competitive deals are causing a rush of business, writes Jo Thornhill.

Nick Mendes at broker John Charcol said that today’s move from Santander was to control business volumes arising from these highly competitive deals: “Santander had recently reduced its rates and had already priced in the latest Bank Rate reduction, while other lenders, such as Halifax, were increasing costs.

Santander has no doubt seen a surge in applications from clients looking to secure current rates, putting pressure on its service levels.”

 


Is it PotG?

Thrifty non-licker
Feb 20, 2017
25,390
Sussex by the Sea

Long-Term Funding Costs:​

Mortgage lenders rely not only on short-term borrowing costs but also on long-term funding markets, which can be volatile and are influenced by global economic conditions. In recent months, the cost of securing funding over long-term periods has remained relatively high. Bond yields, a common benchmark for long-term funding, are still elevated due to inflationary pressures and uncertainties in global financial markets. This means banks like HSBC are facing higher costs to fund longer-term fixed-rate mortgages, leading them to increase customer rates.


A number of major lenders are increasing the cost of fixed rate mortgage deals, following a similar move by Santander (see stories below), as competitive deals are causing a rush of business, writes Jo Thornhill.

Nick Mendes at broker John Charcol said that today’s move from Santander was to control business volumes arising from these highly competitive deals: “Santander had recently reduced its rates and had already priced in the latest Bank Rate reduction, while other lenders, such as Halifax, were increasing costs.

Santander has no doubt seen a surge in applications from clients looking to secure current rates, putting pressure on its service levels.”

An increase then?
 






Is it PotG?

Thrifty non-licker
Feb 20, 2017
25,390
Sussex by the Sea
Yes - but not specifically related to the actions of the Labour Government. Which is what this thread is about.
Mortgage brokers believe this is likely due to the rising cost of funding as a result of heightened inflation expectations after the Labour Budget and Trump election win.

Rohit Kohli, director at The Mortgage Stop told news agency, Newspage: 'Many borrowers will be left scratching their heads as to why, less than a week after the Bank of England cut the base rate by 0.25 per cent, lenders like TSB are increasing fixed rates.

'The markets are still feeling the aftershocks of the Labour Budget. Although it wasn’t as disastrous as the mini-Budget, the longer-term cost of borrowing continues to rise.

'Gilt yields and swap rates are reacting not only to budgetary policy but also to geopolitical uncertainties, including Trump’s re-election to the White House. Anyone holding out for big cuts in interest rates is taking a gamble for now.
 


Bodian

Well-known member
May 3, 2012
14,134
Cumbria
Mortgage brokers believe this is likely due to the rising cost of funding as a result of heightened inflation expectations after the Labour Budget and Trump election win.

Rohit Kohli, director at The Mortgage Stop told news agency, Newspage: 'Many borrowers will be left scratching their heads as to why, less than a week after the Bank of England cut the base rate by 0.25 per cent, lenders like TSB are increasing fixed rates.

'The markets are still feeling the aftershocks of the Labour Budget. Although it wasn’t as disastrous as the mini-Budget, the longer-term cost of borrowing continues to rise.

'Gilt yields and swap rates are reacting not only to budgetary policy but also to geopolitical uncertainties, including Trump’s re-election to the White House. Anyone holding out for big cuts in interest rates is taking a gamble for now.
Yes - you read the last sentence did you?
 


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