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?

Fred I had to laugh out loud at your reaction to the Mandelson decision, we really will never agree on anything will we?

Whatever his abilities, he forfeited the right to use them twice over. I am staggered he's being invited back, perhaps it's the clearest indication yet that GB is running around in ever decreasing desperate circles to reverse the fortunes of his party. I think he's gonna disappear up his own arse in a frenzied panic before too long.

I see Cherie Blair thinks Tony will go down in history alongside W Churchill. Jeez.

Mandelson is great guy and one day will be the best Chancellor of the UK replacing old ideas Brown who is as palatable as a stale haggis.

Is Mandy going over to the Conservatives then?

Could well do I heard he swings both ways..lol..

No seriously Boris after this weeks events looks to be the true leader of the conservatives and the next PM..imo.

Go for it Boris, there is no opposition to you attaining that position.

Ph
The transgressions that Mandelson forfeited his previous post were minor and if hadn't been in a public position would not have been of consequence. I think he has paid for those mistakes and wonder if all your dealings have been white as snow.

M. is well thought of in Europe as a negotiator and understanding of the complex EU and international agreements, which will help getting through a catastrophic economic problem created by capitalism at its worse. A system which needs closer overseeing, which Cameron, his cronies and followers have objected to.


I think Blair and Cherie's morality is more in accord with Tory values and thought for many years he could have been a tory mole.

PS. I believe in capitalism as being the basis for a advancing society, but think that there is a need for restraining overseeing and powers to govern it for the overall public good and to protect the weaker from immoral unrestrained greed.

The immoral unrestrained greed in this instance has occurred during Brown's watch over the past 11 years.

Whose unrestrained immoral greed?

The run on the Northern Rock was caused by Brown and Darling. They dithered all over the weekend that the crisis occured. They made requests for people to be sensible and not to withdraw their money. The trouble is that they took days to say that the money was guaranteed. Had they said that at the start the deposits would still be there.

The lack of regulation in the banking sector has hit many of the building societies that became banks. Prior to becoming a bank, a building society had strict regualtion regarding the gearing allowed between investors deposits and reserves and mortgage loan accounts. There was almost no chance of a building society getting into trouble. Once they became banks the building societies borrowed short term overnight money to finance mortgage deals. As soon as the overnight interbank market dried up they were caught short.

There was much advice given at the time of the transformation into banks. One of the main worries was the shortage of senior staff with experience of running a bank. Northen Rock and B&B both ended up being run by chancers who were risking far too much. The business model they were pursuing was fatally flawed.

The government should have seen this situaton coming and reigned them in.

The main driving force in a bank is usually to ensure that they are still in business in 100 years time and most are pretty risk adverse.

I can't see where idea came from that Brown was a good chancellor. He certainly spent a lot of money, but he didn't seem to care where he go it from. Ken Clarke is my candidate for the best chancellor in living memory.

We were at war with Argentinia and if you get a chance to sink a battleship then take it.

And Brown is now bringing back the blind man to help him probably to cross the road!

Perhaps Kevin Keegle will make another come back.

perhaps he will bring back Blair to take his place to help complete the set. lol

Post edited out.
Too long and full of crap ;-)

HI FOLKS// COULD it be that BROWN IS A TORY MOLE/he like to look after the free LOADERS ANDNON TAX PAYERS(NON DOM/)

yes, labour support super wealthy........big corporate financiers etc.......whereas they dont give a sh?t about the poor.

and guess wot......most people r poor under labour......more than 5 miilion officially classed as poverty striken from pensioners and children alone.......thats NOT INCLUDING any working people or unemployed.
unemployment will go to at least 2.5 million.......and 4.8 million were claiming benefit before whole fiasco started this year.

also, mr.brown increased his pension by 1.7 million quid a few ago........surprised no-one has went on about that in the media

Brown and Darling have struck again. They have said that bank deposits will be guaranteed up to £50. I am sure they thought that they were being generous as they have raised the limit. However, they once again failed to take the long view and failed to notice that foreign banks including the ones in Ireland are offering unlimited guarantees. The result was obvious. People with large deposits are moving their money to countries with full guarantees. The outflow of funds from UK banks is increasing the instability in the banking sector.

Darling last triumph was to hint at a stamp duty holiday. The net result was to completely stall the housing market for weeks until the situation was clarified.

Fred1new - 01 Oct 2008 19:12 - 238 of 269
If you put Blair and Cameron in a sack, I wouldn't try to guess which one would get out first.

They would both be out very fast if Mandy Mandelson was in there with them

When is Gordon going to reduce petrol price???


LONDON, Oct 6 (Reuters) - Oil fell below $90 a barrel on Monday to its lowest level in eight months, pressured by expectations that the global credit crisis will bring a sharp fall in oil demand.

U.S. light crude for November delivery fell $4.00 a barrel to $89.88 by 1300 GMT, its fourth day of losses.

It touched a session low of $88.89, its lowest since early February. Prices have dropped nearly 40 percent from a peak of $147.27 on July 11.

London Brent crude was down $3.54 at $86.74 a barrel.

Well I think he is doing a fine job.

he's one of the few that has a job in this crap country