Mervyn King: helping savers would push Britain back into recession

[The Spartan]

Well if you want people to pay down personal debt you need to give them the conditions to do so.

Hasn't the opportunity been there for the last 20 or so months? Mortages would account for the largest part of anyone's personal debt

[AtW]

Zero interest rates is the 2nd much bigger bank bailout paid directly by all taxpayers: the margin banks enjoy is huge and their costs massively down.

[AtW]

Quite. Which is why, apart from £50K or so emergency fund, most of my money is in stocks and shares.

Wandsworth millionaire with a mansion got £50k cash yet he rejects easy 30k money during Olympics supposedly offered to him for 3 weeks rental

[AtW]

Do you think your 'average joe' who's struggling to survive during a period of high inflation on a stagnant wage could cope with a rate rise right now?

If average joe who got mortgage when rates were 5-6% goes bust when rates go up from 0.5% to 2% then that average joe overextended him/herself and should go bust to act as a warning to future generations.

[sasguru]

Wandsworth millionaire with a mansion got £50k cash yet he rejects easy 30k money during Olympics supposedly offered to him for 3 weeks rental

But enough about me. We're all curious how many years you claimed the dole while developing SKA?

[AtW]

But enough about me. We're all curious how many years you claimed the dole while developing SKA?

None actually, what made you think I'd even bother trying to claim it?

[sasguru]

None actually, what made you think I'd even bother trying to claim it?

Just curious how you managed to live over nearly 10 years with no income?

[AtW]

Just curious how you managed to live over nearly 10 years with no income?

Well, in the first 5 years of work in UK I've saved enough to last another 5 years without any income other then ever decreasing interest on my savings.

[gingerjedi]

If average joe who got mortgage when rates were 5-6% goes bust when rates go up from 0.5% to 2% then that average joe overextended him/herself and should go bust to act as a warning to future generations.

Average joe now pays £1.40 for a litre of fuel and his utility companies treat him like an open cheque book, not to mention how Tescos are taking the piss.

Try putting yourself in his shoes rather than just preaching with the benefit of hindsight.

[scooterscot]

Does it still pay to be prudent?

Should I spend spend spend in accordance with Merv's instructions?