Across the country, homeowners are facing a mortgage payments crisis.
…
Alongside mortgage support, it’s long overdue that the mayors of our big cities are given the power to control rents that they have been asking for. Landlords have seen their profits rise between 15% and 20% in recent years.
The cost of being a landlord is increasing. Therefore rents must be suppressed.
Dodged a bullet with him only beiing Shadow Chancellor.
Sounds as though I was right not to buy that house so many years ago.
So it’s entirely wrong that borrowers are *only* seeing a 2-3p increase in their wealth annually from each £ they borrow *in addition to* living in a house rent-free?!?
Oh, it’s a column in the innumerate Grauniad … but is McDonnnell truly innumerate? Or is he a friend of Murphy?
[In case anyone finds the above difficult the £1 they borrow is only worth 91.3p a year later during which they pay up to 6p in interest so the borrower is better off by 2.3 or more and the lender is worse off by 2.3p or more. John McDonnell says that this is terrible – the banks are doing too well and must be ruined faster.]
Hard left Labour MP wants short-sighted muppets who have over-borrowed to be bailed out by the rest of us. Not dissimilar to Biden’s plan to make regular taxpayers liable for the student loans of Democrat voting gender studies majors.
Labour and the Dems have moved an awfully long way from their working class roots.
“Hard left Labour MP wants short-sighted muppets who vote for him and have over-borrowed to be bailed out by the rest of us.”
FTFY
J77: That was my thinking when I bought my first house in 1976. The value of the loan (£12800) would go down faster than the interest I was paying. I also had an endowment mortgage. When I sold and moved on in 84 I kept the endowment payments up as they were pocket change by then. That matured in 2001, paying out around £35k. Even allowing for inflation, I think that easily beat the estimated payback when I took it out.
McDonnell is a hater, a true Stalinist. As I’ve said before, I could see him as Krushchev’s right hand man at Stalingrad, ‘stiffening the sinews’ by shooting the reluctant.
“Hard left Labour MP wants short-sighted muppets who have over-borrowed to be bailed out by the rest of us. Not dissimilar to Biden’s plan to make regular taxpayers liable for the student loans of Democrat voting gender studies majors.”
No, hard left MP wants to promise something to people he hates so they’ll vote him into power. Once there they either won’t get it, or if they do will soon be sold down the river in some other way.
Everything is just a means to an end for the Left. If you have to promise the hated property owners some free money to get yourself into power so be it. Once in power you can do what you like, there won’t be any more elections, not ones you can lose anyways.
One from the Murphy archive- the headline itself, strewth
http://www.t*xresearch.org.uk/Blog/2016/07/11/negative-interest-rates-are-not-the-real-answer/
Every one of his demands has come to pass, but still unhappy.
As the excellent Van Patten has said a few times, we’re head down in a shitter with feet wiggling at the ceiling because of multiple policies of which he approves.
Thank you John77 – a simple explainer why borrowers are still better off just by less so than before, ‘cos the value of their debt is decreasing faster than the rise in payments to service it. Oh, they have short term problems today paying bills some will shriek. They took out a mortgage (the long game, their choice to play) for crying out loud and they’re winning.
Isn’t there some finance mantra along the lines of “ignore today’s news, it’s a long term investment”. The people screaming about increasing interest rates are those who got into the market in the last decade with rates at effectively zero. YOU’VE GOT TWO MORE DECADES ON YOUR MORTGAGE! Shut up and put up with it, it’s an irrelevent minor fluctuation compared to the whole term.
“profits rise between 15% and 20%”
So we can assume he would excoriate any union that demands 15% -20% pay rises for its members?