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?

hewittalan6, when you say there is all this pent up demand for loans, I wonder what percentage would be recognised as good quality (i.e say 20-30% deposits). More liquidity may about to be released into the market via BOE and shareholders but I think this will ease the position with quality business and assist in preventing a steep decline. Infact, it is felt in some quarters that interest will not fall so much as a result. We have not yet seen the extent of bad debts with credit cards and other personal loans which could be the next worry, especially if unemployment rises.

his next plan is to become owner of Raith Rovers football club......nationalise them....and then pour 1 trillion pounds into the club from government ala taxpayers money.......raith rovers will then become the best football team in the WORLD........NOW THAT IS A VISION FOR GB.

jes, just hope he doesnt read this.....he may take up this idea, lol

Oil at $118 tonite and petrol at the pumps heading to 150p a litre thanks to the ingenious labour tax the motorist till they stop driving global warming policy..

and people will still vote them in.

Doesn't matter who you vote for their all pretty much alike and untrustworthy. Personally I think the UK Independance party are the best as I see little gain being in Europe in comparison to staying independant. No doubt in another 50 years time their will be a global council where we are subsidising and giving money away to those who we today are at war with..

petrol running out here in scotland already right now......i topped up here this evening and one of the 4 pumps was already out of use.....queues are running about 15 yards outside petrol station........the strike aint starting till friday i think

scotland will be at a standstill soon and this is supposed to last a month!!
40 platforms in north sea might have to cut production......its been falling for 3 years year on year anyway.
the big boys like shell want out of uk with its high tax burden.

jes, the oil is just oot there.....i can almost see it.
need to buy a rowing boat or something

Raith Rover GRETHA.110P A LITRA

Read this morning that Gordon is meeting bank chiefs to persuade them to pass on benefits to mortgage holders. Quite right too. Rates are down 0.75% yet mortgage rates are up.
However he is making one short sighted and big mistake. He is asking them to help those in trouble, with easier terms and repayment holidays. Short term this will help those in trouble, but longer term the banks will remember this and build the risk of the government asking for it agian into rates and criteria, and the buyers of mortgage backed securities will not want to come back to a market where the government is interfering with the terms of their investment when things go wrong.
Let nature take its course, Gordon. The market will ensure rate cuts are passed on eventually, and strict default procedures give investors faith in the book they are buying.

12billion RI at RBS.

200p each

I thought the credit crunch was due to the market forces of capitalism working at its greedy best.

Also, I think the precursor to the sub prime market was partially due to the low lending rate of the Japanese which provided cheap cash sloshing around the world, allowing varioud finnanciers to make easy money!

There is a big rebellion against Gordon Brown now...he is even losing the confidence of his own party...he treats the poor like dirt...even Marie Antoinette offer cake.

I cant wait till petrol is 150p a litre and se what GB has to say.

mitzy

gordon will LOVE IT.....it means huge more money into treasury that he wasnt expecting.....otherwise he'll need to think of other ideas of screwing brits for money

What no petrol in Scotland..?

Mr Chad will be appearing on the walls again soon.
OK so you have to be advancing in years to remember him (hope someone can paste a picture of him to remind the younger 'viewers')

here's some facts to look forward to:

house prices to fall approximately 20% in next 18 months at least. However 2010 will be painful too even after 2009.

Energy prices are rocketing for households.
Food prices are rising fast too.

Inflation real cost has been calculated to be 15.5% AND NOT 2.5% OR SOME NONSENSE.

Mortgage payments are getting shafted by the irresponsible banks. And WE ARE bailing them out with 50 billion plus!!!!

nOW THERE is a petrol strike and already shortages in many petrol stations.
Petrol is predicted to go to 150p within a few months!!!!!

This strike is by a well known lefty union who you would think brown would like.....brown is keeping really quiet about all this.
Teachers are now on strike.
Doctors in scotland re threatening to go on strike.
And police are threatening strike action too as by terrible way they been treated by jackie smith.

Of course taking money from poor and giving to rich in this country doesnt help!!!

Surely it cant be long before we have a VOTE OF NO CONFIDENCE IN THIS EVIL LABOUR GOVERNMENT

I suggest Scotinvestor for Prime Minister.

Mind, I am thinking of moving to Europe to watch the result.

I like jokes and the government is one of the best..!

thanks fred

for years i have been telling the morons "in offices where i work in oil industry but they get paid obscene amounts oif money and so dont care.....and i know many vote labour.......these are the people labour want now....NOT THE TRUE WORKING PEOPLE.

i studied stalin and soviet union and tsar system prior to this at school....and i have been twice behind the true iron curtain.
i have been going on about how good stalin was in recent few years as he was a ture socialist.....i only do this to labour people but it works a it annoys them.

firstly, there would be NO IMMIGRATION PROBLEMS UNDER STALIN.
there would be no known or unknown terrorists in country too.
there would be no banking crisis.
everyone would have a roof under their head and everyone had a job.

true socialism for socialist people, haha.

Boris for Mayor.

I watched Andrew Marr interviewing David Milliband this morning and he was hopeless, Paxman would have wiped the floor with him.

I see that Caroline Flint as had a makeover a'la Ruth Kelly. A veteran Labour MP has described some of his new women colleagues in the Commons as Stepford Wives with a "chip inserted into their brain to keep them on message".