UK wasnt in a Double Dip Recession End of 2011 early 2012

[Chicken Run]

So the ONS now report, maybe Gideon is a little more astute than many give him credit for, I would suggest he's done more to protect the economy of this country in the last 3 years than the previous administration in their entire time in the hot seat.

 

[JamesAndTheGiantHead]

I want a Dip Dab now.

 

[Norman Potting]

Is there a special "Department For Snatching Numbers Out Of The Air" now?

 

[Butch Willykins]

The real fun will start when Interest Rates move upwards. Hold tight!

 

[Albion Dan]

The entire Western economy is utterly shot to pieces and heading for total collapse over the next 5 years. Be prepared people!!!

 

[Canonman]

So the ONS now report, maybe Gideon is a little more astute than many give him credit for, I would suggest he's done more to protect the economy of this country in the last 3 years than the previous administration in their entire time in the hot seat.

I knew it, I knew it, thought it was just me.

 

[BuddyBoy]

What a load of waffle. The economy has flatlined, unemployment is high and hundreds of thousands rely on food banks. The darling economy you speak of won't go anywhere if people have nothing to spend. Capitalism relies on spending. It's called demand, and there ain't any of that right now. Austerity is eating itself alive.

 

[Beach Hut]

The real fun will start when Interest Rates move upwards. Hold tight!

Indeed it does which will really cause major issues for some mortgage payers

 

[beorhthelm]

Is there a special "Department For Snatching Numbers Out Of The Air" now?

no. the growth numbers are notorious for being revised and nearly always upwards. alot of the data available when first published is incomplete and generally that means sales have been booked or reported. this goes unreported in the mainstream unless it has a bearing on popular stories. its been considered for a long time that it was the recession that never happened, because all the other economic indicated disputed the official growth numbers.

 

[beorhthelm]

The entire Western economy is utterly shot to pieces and heading for total collapse over the next 5 years. Be prepared people!!!

is that like your prediction of a house price crash? i'm putting you along side Uncle Speilberg as a reliable signal to bet against

 

[MattBackHome]

double dipping: 1. n. The social faux pas of returning a previously bitten tortilla chip, for instance, into a communal bowl for a second portion of sauce, as seen in the Seinfeld episode The Implant. 2. n. The social faux pas of tramping your naughty boot through all the muck in your ladyfriend's back yard before waltzing in through her front door and leaving shit on the snail's doorstep.

 

[CorgiRegisteredFriend]

The real fun will start when Interest Rates move upwards. Hold tight!

Wont happen until 2015 at the earliest.
Get your low fix mortgage rate now though- five year preferably.

 

[Uncle Spielberg]

is that like your prediction of a house price crash? i'm putting you along side Uncle Speilberg as a reliable signal to bet against

I know my chosen field inside out. What worries me about interest rates is that people have become accustomed to an unrealistically low rate on their mortgage now. That is what happens when the BBR stays at 0.5% for 51 months. A lot of people were paying 5-6% on their mortgage rate in 2007/2008 and budgetted on this but all the thousands they have saved has generally not been put towards their mortgage. For millions of people they have saved thousands - tens of thousands of pounds and only today someone called me who has been paying 1% since 2008 and pays £ 130 pm on a £ 160000 mortgage and was paying £ 650 pm before 2008. People have taken on extra outgoings and commitments assuming BBR will stay at 0.5% forever. I think however BBR will remain around 0.5% for another 2-3 years yet.

 

[CorgiRegisteredFriend]

I know my chosen field inside out. What worries me about interest rates is that people have become accustomed to an unrealistically low rate on their mortgage now. That is what happens when the BBR stays at 0.5% for 51 months. A lot of people were paying 5-6% on their mortgage rate in 2007/2008 and budgetted on this but all the thousands they have saved has generally not been put towards their mortgage. For millions of people they have saved thousands - tens of thousands of pounds and only today someone called me who has been paying 1% since 2008 and pays £ 130 pm on a £ 160000 mortgage and was paying £ 650 pm before 2008. People have taken on extra outgoings and commitments assuming BBR will stay at 0.5% forever. I think however BBR will remain around 0.5% for another 2-3 years yet.

Exactly. It will then only go up very slowly. Interest rates wont return to 5/6% till around a decades time. Maybe not even then.

 

[Brixtaan]

I like what George and the coalition are doing, as long as he keeps hacking away at the public sector and the public keep doing the same with personal debt then the natural urge to spend/move house/invest will return.
The main issue is Europe, which seems to have slipped from the news as if everything is ok there. Which it very much isnt.

I've stopped reading the comments section after the Peston blog, too depressing. Perhaps Albion Dan should do the same.

 

[Hillian1]

Exactly. It will then only go up very slowly. Interest rates wont return to 5/6% till around a decades time. Maybe not even then.

God I hope not, 9 years left on the mortgage and having just found out that a so called friend had put us on Interest only for 45 grand of it my repayments have just gone up by £280 a month to cover the shortfall.

 

[ROSM]

I know my chosen field inside out. What worries me about interest rates is that people have become accustomed to an unrealistically low rate on their mortgage now. That is what happens when the BBR stays at 0.5% for 51 months. A lot of people were paying 5-6% on their mortgage rate in 2007/2008 and budgetted on this but all the thousands they have saved has generally not been put towards their mortgage. For millions of people they have saved thousands - tens of thousands of pounds and only today someone called me who has been paying 1% since 2008 and pays £ 130 pm on a £ 160000 mortgage and was paying £ 650 pm before 2008. People have taken on extra outgoings and commitments assuming BBR will stay at 0.5% forever. I think however BBR will remain around 0.5% for another 2-3 years yet.

I have tried to continue paying the same mortgage amount. Its taken about 3 years off my mortgage but has been tough with kids and my wife changing work etc.

But any huge increase in rates would be crippling. And the Albion I suspect would struggle as that would be seen ad expendable expenditure in my case.

 

[ROSM]

no. the growth numbers are notorious for being revised and nearly always upwards. alot of the data available when first published is incomplete and generally that means sales have been booked or reported. this goes unreported in the mainstream unless it has a bearing on popular stories. its been considered for a long time that it was the recession that never happened, because all the other economic indicated disputed the official growth numbers.

That's correct. It also shows that the growth inherited by the coalition was stronger than first thought. It makes the strangling of that growth all the more disappointing

 

[Uncle Spielberg]

God I hope not, 9 years left on the mortgage and having just found out that a so called friend had put us on Interest only for 45 grand of it my repayments have just gone up by £280 a month to cover the shortfall.

It might be worth looking at a 5 year fixed rate to budget. Anyone thinking of getting a 3-5 year fixed rate act fast as swaps have gone up a lot and a lot of lenders are pulling them. They are the lowest they have ever been.

 

[Hillian1]

It might be worth looking at a 5 year fixed rate to budget. Anyone thinking of getting a 3-5 year fixed rate act fast as swaps have gone up a lot and a lot of lenders are pulling them. They are the lowest they have ever been.

The wife deals with this stuff, and I think we still have 2 years on the current one. I'll ask her later and P.M you if that's ok.