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Editorial
The announcement that will send tsunami type shock waves to millions of households in the UK, that nationalised banks will be doubling monthly mortgage payments following a decision to lift the standard variable rates of mortgages, should be condemned and stopped by the Government. With utility bills rising, families already struggling to survive how will households retain their homes with sky high mortgage payments? Mr Cameron better wake up, Greece is only 3 hours away by plane, and the images of Greeks demonstrating everyday is not something uniquely Greek. Does Cameron think your average Joe Blogg’s is immune from tearing everything up and demonstrating like in Greece? You take someone's home away, their entire existence is totally undermined, and that's when people get nasty.
So if there is a massive rise in repossessions like the foreclosures in the US which saw entire neighbourhoods become ghost towns, where exactly will these people live? Oh sorry all the council homes are being built to house asylum seekers, and to hell to the taxpayers who now may not have a home to live.
It's not looking good for the coalition, if people start loosing their homes en masse and Cameron and his colleagues sit back and do nothing they will be booted out of office. What's happened to "compassionate Conservatism"? The banks must not be allowed to convulse the economy into a downward spiral that will not only lead to a double dip recession but a depression. You increase mortgage payments, you cut the amount of disposable income households have to spend, and that leads to more businesses closing, which leads to unemployment.
The only reason why the UK economy was "coasting along" according to many analysts was the fact that many families had low mortgage payments, and still had some disposable money to spend. Now this "luxury" is gone, and its time the government started to exert influence over the banks that are still, despite being bailed out by the taxpayer, causing so much misery to the population.
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