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Mortgage misery
WHEN the economy slows down, confidence is one of the key factors in determining when the nation's financial fortunes recover. The grave concerns that families have for their future have reached the point where they could become a major threat to Britain's future well-being.
Nowhere is this collapse in confidence clearer than in the stagnant housing market where falling values, and record low numbers of mortgage approvals, are feeding off each other with potentially ruinous repercussions.
This is where political leadership can make a difference as the cost of living soars upwards.
Alistair Darling may not be able to influence the price of oil, or increase public spending because of his government's profligacy,
but he could do more to bolster confidence.
Idle rhetoric about the strength of the economy is not enough. The Government must be seen to act, from engaging with lenders on safeguards against mass home repossessions to relieving the regulatory burden on business in order to reduce the threat of redundancies.
In other words, the Chancellor needs to offer families some light at the end of the tunnel.
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Friday 25 May 2012
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