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Not Good Morning Britain, but GMTV (early equivalent) had an April Fool's Day joke about a tap that ran water that had negative calories. I was getting ready to go to work, and my mother was going on about how fantastic an invention it was.
So, my mum could probably think he was a Marxist, saying that she hates Madeley so would probably just make her decision based on Madeley being a twat, so she would be on the Marxist's, ooops sorry, Lynch's side.
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To be honest, the pickle we are in has been built up since Thatcher, and it works well enough for us to have Governments that stay in power for a decade because Thatcher, Major, Blair, Brown, Cameron, May and Johnson all know how to play the delay game.
But, sooner or later it will pop.
People buying houses at 6 or 7 times their salary. Mortgage companies lending 100%, or 95% at mega low interest rates without ever telling the people desperate to own a house that interest rates are abnormal, and they should be factoring in rates of 7%.
Now we have a Government reluctant to tax wealthy people. Instead they are hitting middle income people, people on £45k a year to £80k a year. These are the people who, frankly, keep the economy running with the fact they have disposable income. That income is dwindling so, while we still have people in a terrible position of deciding whether to eat or heat, we now have people who would buy a car and a holiday, or a holiday and a TV, or a TV and ipads for the kids now cutting back.
That means fewer jobs at minimum wage.
Brexit is possibly saving the Government because we have a labour shortage. We also have, I believe, fewer people in work than we had pre-covid. So, the Government are able to point at unemployment and boast it is on the decline.
But, for how long. Ron Skinner selling fewer cars, he'll let people go. Next selling fewer generic clothes, they close a store.
Interest rates won't fix inflation, based on what a number of economists say, because our inflation is imported with oil, gas, imports. Interest rates will reduce the amount of money people have to spend. Every month there will be people moving onto Variable rate mortgages from Fixed Rate mortgages, and for every 1% increase on a £200k mortgage, £105 extra is added to the payment. National insurance is up. Income tax is effectively up because the lowest rate is frozen at a time when wages are rising at 3-4%.
The Tories are kicking this can down the road, as did Labour, and they'll cut income tax to 19% just before the next election.
The country's deficit is still high, it is paying a fortune in interest every month, it has been massaging the economy with things like printing money just to make sure the bomb doesn't explode.
It may not explode in a massive way, just as it didn't in 2008 after the banker's crisis although that did cause pain for lots of people (but not enough to make an impact in social conscience). Then again, it might. If the housing market collapses, the UK economy collapses. It seems as simple as that for me. We're an economy built on homeowners being up to their eyeballs in debt and hoping to inflate their way through 25 years - a £800 a month mortgage is a lot in 2015, but it won't be as much in 2022 as long as interest rates stay stable right? And by that time, me and the missus will have had 6 pay rises, and maybe a promotion right?
What happens when people default? They lose their houses. Banks lose money.
What happens when many people default? Well, then supply exceeds demand and prices start dropping.
What happens when many many people default? Or find themselves in negative equity following a housing market collapse.
There will, I think, be more "helicopter" money to help people with mortgages AND energy bills. Then a bit more. Then, oops, the Government's credit rating has slumped, and bang goes the value of the pound (which is already in the shit). Imports go up, oil goes up even if the price per barrel drops, because our quid is not worth what it was last month.
A long winded way of me saying you are spot on
Sooner or later a Government will have to bite the bullet and let things correct themselves. And that will mean people's lives being ruined as their dreams turn into nightmares just because we now live in an age where warning homeowners that interest rates do actually rise, and sometimes as high as 15%, is not the done thing. Yes Mr and Mrs Jones, even though your combined wage is £60k, and you have 2 kids, a car loan, and a credit card that is £8k in debt, you CAN afford the £300khouse of your dreams. Another point, since rates have risen, I have had loads of offers for credit cards. I wonder how many others are getting that, and how many are taking it? Remove our credit, and the economy also crashes because the days of saving a couple of hundred quid to buy a tablet or TV are gone. We got to have it now.
Big Mick is on Questiontime this evening. Should be good watch. 
Big Mick is on Questiontime this evening. Should be good watch.
QT is on Thursday
Great post. I enjoyed reading that.To be honest, the pickle we are in has been built up since Thatcher, and it works well enough for us to have Governments that stay in power for a decade because Thatcher, Major, Blair, Brown, Cameron, May and Johnson all know how to play the delay game.
But, sooner or later it will pop.
People buying houses at 6 or 7 times their salary. Mortgage companies lending 100%, or 95% at mega low interest rates without ever telling the people desperate to own a house that interest rates are abnormal, and they should be factoring in rates of 7%.
Now we have a Government reluctant to tax wealthy people. Instead they are hitting middle income people, people on £45k a year to £80k a year. These are the people who, frankly, keep the economy running with the fact they have disposable income. That income is dwindling so, while we still have people in a terrible position of deciding whether to eat or heat, we now have people who would buy a car and a holiday, or a holiday and a TV, or a TV and ipads for the kids now cutting back.
That means fewer jobs at minimum wage.
Brexit is possibly saving the Government because we have a labour shortage. We also have, I believe, fewer people in work than we had pre-covid. So, the Government are able to point at unemployment and boast it is on the decline.
But, for how long. Ron Skinner selling fewer cars, he'll let people go. Next selling fewer generic clothes, they close a store.
Interest rates won't fix inflation, based on what a number of economists say, because our inflation is imported with oil, gas, imports. Interest rates will reduce the amount of money people have to spend. Every month there will be people moving onto Variable rate mortgages from Fixed Rate mortgages, and for every 1% increase on a £200k mortgage, £105 extra is added to the payment. National insurance is up. Income tax is effectively up because the lowest rate is frozen at a time when wages are rising at 3-4%.
The Tories are kicking this can down the road, as did Labour, and they'll cut income tax to 19% just before the next election.
The country's deficit is still high, it is paying a fortune in interest every month, it has been massaging the economy with things like printing money just to make sure the bomb doesn't explode.
It may not explode in a massive way, just as it didn't in 2008 after the banker's crisis although that did cause pain for lots of people (but not enough to make an impact in social conscience). Then again, it might. If the housing market collapses, the UK economy collapses. It seems as simple as that for me. We're an economy built on homeowners being up to their eyeballs in debt and hoping to inflate their way through 25 years - a £800 a month mortgage is a lot in 2015, but it won't be as much in 2022 as long as interest rates stay stable right? And by that time, me and the missus will have had 6 pay rises, and maybe a promotion right?
What happens when people default? They lose their houses. Banks lose money.
What happens when many people default? Well, then supply exceeds demand and prices start dropping.
What happens when many many people default? Or find themselves in negative equity following a housing market collapse.
There will, I think, be more "helicopter" money to help people with mortgages AND energy bills. Then a bit more. Then, oops, the Government's credit rating has slumped, and bang goes the value of the pound (which is already in the shit). Imports go up, oil goes up even if the price per barrel drops, because our quid is not worth what it was last month.
A long winded way of me saying you are spot on
Another point, since rates have risen, I have had loads of offers for credit cards. I wonder how many others are getting that, and how many are taking it? Remove our credit, and the economy also crashes because the days of saving a couple of hundred quid to buy a tablet or TV are gone. We got to have it now.
SJB
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Not for the first time this week he’s just made the tory look like a rank amateur.
TH63
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Mick Lynch has taken apart Kay Burley, Richard Madley (not difficult tbf), Piers organ and a couple of Tories.
The man is a fucking legend in my eyes.
But the true test will be when he gets between Colin’s missus and a ham sandwich
The man is a fucking legend in my eyes.
But the true test will be when he gets between Colin’s missus and a ham sandwich
Haven’t seen him with Morgan. Any videos?
News presenters will be going on strike, unless their employers can guarantee that they will not encounter Mick Lynch.
He’s been phenomenal today. Interview after interview, he has faced provocative, aggressive questioning. And he has dealt with everything easily, brutally dismissing journo after journo. He was excellent again this evening on Peston, tearing Jenrick a new one.
One of the most convincing left leaning voices I have heard in a long while. He almost feels wasted heading up the RMT. I would like to see this guy on the front benches holding the govt. to account more regularly.
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