Thinking allowed — 02 March 2009

Mornin’ Gov’nor, had The Monochrome Man in the cab recently, you know The Chancellor of the Exchequer. Picked him up outside Downing Street and by the time we arrived at his destination I had offered my opinion on how his department had let me down with my pension (more about that probably on a future blog). He had left my cab before I could advise him on his failure at running the economy. So just in case he reads this blog here goes:

Credit Crunch is the buzz word at the moment, but the availability of cheap credit is the least of our problems at the moment, unless you are a builder or an estate agent.

Energy prices are rising faster than at any time in living memory, and if that’s not enough we are dependent on our supply from some very unstable countries, and do you know this Government have made no effort to build storage facilities so we can buy cheap gas in summer and store it for winter consumption, talk about irresponsible.

This Government has borrowed more money (£43 billion and rising) than any country in the top 50 economies except Egypt, Pakistan and Hungary.

Official inflation is now at 5 per cent, but anyone on the street is likely to tell you they believe it is more likely to be 8 per cent.

Unemployment is now starting to rise and Google are saying one of the fastest growing searches is employers finding out about their responsibilities when they make their staff redundant.

This Government has allowed building societies to loan up to 7 times a persons’ salary with no checks upon their ability to repay the loan, now with interest rates rising only slightly, we are seeing repossessions in spades . Houses in the South-East are inflated by 30 per cent, with first-time buyers looking at starter homes dearer than their annual salary by a multiple of six and not four as it has always been in the past.

But the real elephant in the room that nobody wants to talk about, is the unsecured borrowing, such as through credit cards, overdrafts and loans, which has soared to £22 billion during the first three months of this year, that this Government has actively encouraged people to take on, and hopefully making them feel good and take their eyes off what a load of incompetent twats this Administration really are.

And do you know the real tragedy of all this is? Those very men and women who could run this country spend all their time driving taxis in London. What a waste!

But do you know that you only have to ask your driver for advice on economics and they are more than likely to give it gratis.

Stop Press (stop blog hasn’t the same impact)

The Government in an effort to save their jobs recently announced: It is suspending stamp duty for properties worth up to £175,000 – £50,000 more than the current threshold. Also included is a shared equity scheme, and “free” five-year loans of up to 30 per cent for some first-time buyers.

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