You mortgage owners will suffer over the next few monthe, years maybe. The truth of our "most successful chancellor since WW2" and his mismanagement of the economy is starting to bite.
Interest rates, held artificially low by squeezing wage settlements in the public sector and promoting a debt based economy, are set to rise several times. This first increase will come just after the local elections and will drive into poverty people who stretched themselves to take on massive mortgages, behind the interest rate monster will come others, uspeakable horrors that could come from the pages of an H.P. Lovecraft story. Credit Squeeze, unemployment and negative equity. But most fearsome of all, The Truth Monster cannot be containded much longer.
The chancellors success is a lie. The economy, far from being successful under Brown has been driven into deep poo.
Inflation has not been under control, the books have been cooked, first by switching the quoted measure from the Retail Price Index the the Consumer Price Index which always gives a lower rate. When that ploy ran out of steam, thev simple expedient of excluding the most inflationary items, housing and fuel costs, from the calculation was used.
So when we hear of the Bank of England getting a snottogram from the Chancellor because the inflation rate had gone to 1% above target and now stands at 3% we all think "oh that's pretty good really."
But the real figure, when all those nasties Mr Broon does not bother to count are factored in is a savings eating 6%
To exclude such major and essential costs as housing and fuel from the figures is fraudulent. But fraud and mendacity are the hallmarks of this shoddy government and nothing will change once Blair is gone.