Brown's spend, spend, spend during his Chancellor's days has brought us into the current economy we are facing today. His appeal at a Downing Street meeting for the lenders to pass on cuts appeared to fall on deaf ears with HBOS, which owns the Halifax, increasing its rate on some mortgages from 6.09 to 6.59 per cent. Borrowers taking out this type of deal will now pay 46 more a month. On a two-year tracker, the rate will increase from 1.49 points above base rate to 1.99 points, giving a current rate of 6.99 per cent.

Other lenders are expected to follow Halifaxs lead.

If the Government wants the banks to lower mortgage rates to home owners - why not just offer them through Northern Rock? Everyone would rush to the Rock to get the loans forcing banks to match the rates or lose the business? Or maybe the government would then run into bigger credit crunch?

This is called "MARKET FORCES" by the enlightened!

Cable has dropped nearly as fast as crude and the latter is priced in dollars. Will be interesting to see if those that fixed their energy bills this Winter will be better off or not

hlyeo98
I am no Labour fan but like everywhere in the world the incumbant government gets hammered for what is a world wide economic meltdown. Cameron and his mates would do no better. Overinflated asset prices around the world- especially housing- are the reason, and the determination of the big US banks especially to devise ever more impressive and complicated ways of lining their pockets through derivatives, based on these assets, that hardly anyone can understand. To suggest our PM, whatever you might think of his politics, is lining his own pockets is disingenuous. He has made mistakes- like you and I being in the market at present- but his biggest one was failing to have an election when the going was good. I think he is stuffed, because, as the saying goes, its the economy, stupid.

hear hear! .... and thank goodness he did not have the nous to hold thaty election

If he had decided to have an election no sooner than he had been made Prime minister....it is my belief that he would have scraped through....thank god he did not !.

he was a shoo in just after appt.

Oil is down to $US94...is petrol price coming down or the government is still fleecing us on fuel tax?

you lot are lucky , in Scotland we are stuck with Alex Salmond who knows so much about economics and the market , he blamed the fiasco at HBOS on "spivs and shorters" - he does know , however , how to make you lot in England pay for everything here!

Gordon Brown is given a 9-month grace period to further ruin the economy in England today.

Hylyeo, what are your positive suggestions to improve it!

I don't know what hlyeo98 thinks but, the first thing he could do is go into early retirement on a full pension even at 100% of his salary. That will work out alot cheaper in the long run for prudence, stability and the economic recovery of the uk. While this maniac remains in place things will just get worse. I just hope the SNP give him a good hiding in the Glenrothes bye election. Give Jack Straw a chance, who may turn out to be the quiet assassin.

Gus, what policy changes would you make at the present time to alter the obviously poor market functioning?

If you have any reasonable policies would you be able to push them through parliament and still be electable.

I think the present media and public mood and to blame the government for present economic chaos is laughable, when the majority of the problems are down to private greed.

Fred is right ... easy to govern when your not in power but has anyone here heard any viable alternative policies put foward ?

It would just be the same sh*t different faces.

.

This government has been in charge for the last ten years and has saved nothing for a rainy day. This government and this PM has done this. I am not disputing the greed of the banks and the live today and stuff tomorrow attitude. This government has played its full part in promoting this attitude and cosyed up to the mega rich. Now the climate has changed, they are scrambling for cover. It wasn,t our fault , not me mister. Its pathetic. They have made a laughing stock of us all. Leaving this man and his cronies in charge is like telling a demolition expert to build a house.

As to what is to be done. Well for sure there are no quick fixes. Reduce public sector spending to an affordable level with politicians leading from the front by cutting their wages and allowances. However, after making vast savings, I would pay nurses more and the people that are doing the real jobs. Too many time and motion and target setting bodies and quangos around. Banks must be regulated to ensure that business is done on plausible basis. Pay people regular salaries and get rid of the commission culture in finance. I could go on from bringing back capital punishment for murder and drug barrons but I would be spitting into the wind.

Whoever has to sort this mess out will find that tax cuts may not be possible for a few years without the uk's debt burden getting worse. It is time to let someone with more creditability try and we can certainly do without Gordon Brown's so called experience.

"Reduce public sector spending to an affordable level with politicians leading from the front by cutting their wages and allowances. "

I hope the Tories make this their motto for the next election. I am sure it will help them.

Another point about this suggestion is that (from memory) Roosevelt did the opposite to get America out of their recession.

I think I would agree with the reduction of quangos, but this would raise the unemployment levels.

I think that there are savings which can be made in public services (PFIs especially) , but I don't think that taxes will be reduced for a decent "caring" society. Redistribution of taxes is more likely.

I would be interested in the name of the politician you think who is more able than Brown at the present time.

Perhaps, you are thinking of the spiv Cameron. I think of him capable of spin, rhetoric with little or no substance. I have yet to read about one constructive policy he has mentioned. Isn't he quiet on the recent failure of capitalism.

As I say spitting into the wind. You asked for suggestions. I said previously that that Straw should be given a chance. You seem obsessed. There are good Labour people and there are good Tories. There is no magic wand. Brown has been tried and tested and has failed.

Small point, but worth mentioning.........

The culture of commission pay in finance industries is because the FSA made it almost impossible to sack someone in the industry for non-performance (ie low production), so how can the industry ensure it rewards those that work hard and gets rid of the lazy chancers?
Second point is that when the FSA cap commissions (as they did with pensions and ISAS) the average Joe cannot get quality advice as the only IFA's prepared to advise on small scale pensions and ISAs are the worse ones. The better ones command a high fee that Joe cannot afford, or advise only on larger investments for higher commission.
The real answer is to reduce regulation at the sharp end and increase it at policy design level. That would give quality products that cannot shaft anyone and ensure better quality advisors, who could not sell any bad products anyway, as they would not be available.

almost sounded plausable



ALMOST BUT NOT QUITE

Gus, I don't think so. Just fed up with the blame game, media spin and a lack of reality.
There aren't easy solutions to the present economic problems and destroying personalities does not improve the situation. Changing teams in the middle of a acute problem is not usually useful.

Sack them after the problem is over when the problem can be reviewed appropriately.