Re: [OPE] Fiscal issues II

From: Paul Cockshott <>
Date: Fri Dec 10 2010 - 10:07:02 EST

You are right there. My bank just decided to put up its charges for using accounts, when I considered changing accounts I found that although my current mortgage was fixed just above base rate, if I moved to a different bank I would be paying a much higher rate.
From: [] On Behalf Of Jurriaan Bendien []
Sent: Friday, December 10, 2010 12:59 PM
To: Outline on Political Economy mailing list
Subject: [OPE] Fiscal issues II

Just to add. Martin Wolf has this piece today "Why we have to live with low
interest rates" (FT December 9 2010). But what he is referring to, is only
the base lending rate of the UK central bank. Try taking out a mortgage or a
bank loan for a business at 0.5%, you'd be laughed all the way out of the
bank. He's probably right that, in a flat economy, average bank interest
rates will remain comparatively low, but they are going to creep up. That is
to say that I think lenders have borrowers by the balls, not the other way


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