House Sales Fall

The Times reports that the number of homes sold during 2008 has fallen to the lowest level since 1974, this despite a record 14.6% fall in annual house prices during October.

The pressure is on the Bank of England to stop dithering and cut interest rates aggressively, so called "experts" predict that rates will fall from 4.5% to 2.5%.

In the midst of this, Gordon Brown and the Labour party are enjoying the "high" from their "nationalisation" of the banks.

My advice to Brown and Labour is simple, enjoy it whilst it lasts.

Bankers, banks and money lenders are the least favoured strata of society, by becoming bankers the government will find itself blamed for every repossession and foreclosure in the country.

Labour may be low in the polls now but, once the repossessions kick in, it hasn't seen anything yet!

Posted in: bank of england,Gordon Brown,interest rates,labour,nationalisation,recession