Steve Wright described the credit crunch as "going back to the days when banks only wanted to lend you money when you didn't need a loan"
Which in all probability is a good thing. For an awful long time people have been able to get almost unlimited credit with next to no security or sensible plans to repay, toxic debt was the result and the current recession was well any truely triggered by it.
Rates are obv going to go down - the KEY part will be the Tax cuts as you allude to - only issue here is the impact that will have on Government income - swings and merry pink roundabouts with stockings on.
Correct, but if HMG are going to spend billions to get us out of this crunch anyway which will further increase debt, they should 'spend' by way of tax cuts rather than throwing more money into the public service black hole.
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