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I read that the Bank of England intends to rein in consumer credit. I'll believe it when I see it. Unrestricted borrowing and Government help with mortgages which many will default on come hard(er) times is simply storing up trouble for the future.
It always amuses me how the Government bangs on about the country needing to live within its means whilst it encourages everyone else to borrow to the hilt.
Spenders are rewarded whilst savers are penalised. I've seen all this before and it always ends in a financial bomb going off.
Philip Hammond recently said - 'If your bank manager contacts you to say that your credit card limit has been increased by £500, you don't just go out and spend that £500 do you.'
Top marks for naivety Mr Hammond - that's precisely what people do !!!!!!!!!!!!!
Spending in this country has reached obscene levels. The NHS is on it's knees. The housing market has been wrecked by right wing policies. Are we all mad?
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