Religion and Ethics Forum

General Category => Politics & Current Affairs => Topic started by: Nearly Sane on October 10, 2023, 12:14:25 PM

Title: IMF says UK faces five more years of high interest rates
Post by: Nearly Sane on October 10, 2023, 12:14:25 PM
Of course, they aren't really that high in historic terms but in the tiddly up up and tiddly down down world more recent history the effects are significant on people if not inflation.

https://www.bbc.co.uk/news/business-67056069
Title: Re: IMF says UK faces five more years of high interest rates
Post by: jeremyp on October 10, 2023, 01:37:39 PM
The difference between the not historically high interest rates now and the same not historically high interest rates when I bought my first house in 1992 is that house prices are much higher now relative to average wages.
Title: Re: IMF says UK faces five more years of high interest rates
Post by: Sebastian Toe on October 10, 2023, 01:43:06 PM
I bought my first property in 1979.
Check that year for interest rates!
Title: Re: IMF says UK faces five more years of high interest rates
Post by: jeremyp on October 10, 2023, 01:52:44 PM
Quote from: Sebastian Toe on October 10, 2023, 01:43:06 PM
I bought my first property in 1979.
Check that year for interest rates!

Did you buy your house before or after Thatcher raised them to 17%?

I can't imagine  that. When Lamont briefly raised them to 15% I thought I was going to lose my house and my job as a result.
Title: Re: IMF says UK faces five more years of high interest rates
Post by: Sebastian Toe on October 10, 2023, 02:15:31 PM
Quote from: jeremyp on October 10, 2023, 01:52:44 PM
Did you buy your house before or after Thatcher raised them to 17%?

I can't imagine  that. When Lamont briefly raised them to 15% I thought I was going to lose my house and my job as a result.
Before.
Actually I wasn't affected as much because I worked in Finance and our staff mortgage rates were lower, much lower!
IIRC we had a graduated set of rates of which the top one was around 7% then.