This is the market where many lenders source their funds to give mortgages.
They typically add 1.5% to this for their profit margin.
That means that, unless it comes back down, we’re looking at almost 6% mortgage rates again soon.
Move swiftly if moving is important.
Another day, another UK economics speech. I can't say that I found much to agree with in the Zack Polanski speech - although full credit to him for laying out his thinking (that is always worthy of praise). His anti- abundance agenda involves capping prices (rents, electricity generation, utilities) assuming that the supply side is inelastic. Alongside raising a whole range of capital taxes (NI on investments, CGT=Income Tax (no inflation allowance), & a new HNW tax) whilst assuming those individuals impacted are also inelastic in residency/tax jurisdiction. The anti-AI stuff (data centres/ legacy jobs) was also incoherent. This type of model only works in the event of extensive capital controls/ high exit barriers for people (in contrast to more permissive entry criteria!). I would judge that GBP & Gilt markets would react exceedingly negatively to this ever seeing the light of day - squeezing UK living standards very significantly.
This is 100% completely unsustainable as a society.
Nearly 50% of all consumer spending now comes from the top 10% of earners.
The bottom 80%?
Their share keeps falling.
This is why the economy can look strong in the data while millions of people feel like they're falling behind.
Cheltenham Festival Day 1 Tips:
1.20: OLD PARK STAR 5-2
2.00: LULAMBA 13-8
2.40: AMMES 8-1 & GLEN TO GLEN 9-1
3.20: JAGWAR 4-1
4.00: THE NEW LION 3-1
4.40: DOWNMEXICOWAY 9-1 & WILL THE WISE 9-1
5.20: ICEBERG THEORY 15/2 & ONE BIG BANG 9/1
Good luck boys! 🍺
#CheltenhamFestival
Regulated operators have been saying this for ages. And been dismissed. Finally - for whatever reason - the threat posed by illegal operators is gaining traction. Good investigation
theguardian.com/technology/202…
Interesting Gambling Commission stats..
Online gambling participation 39% but falls to 16% when lottery players only are removed.
Participation in horse racing betting down from 7% to 4%
STILL no illegal market figures or estimates
Greens are now just 7/2 to win the most seats at the next General Election. They were 500/1 end of last year.
For my Urdu-speaking followers:
گرینز اب اگلے عام انتخابات میں سب سے زیادہ سیٹیں جیتنے کے لیے 7/2۔ وہ پچھلے سال 500/1 تھے۔
What not many people realise about UK student loans is that earners in the middle of the salary range end up paying back far more than either lower or higher earners, as they earn enough to pay the loan and interest back before the 30 year cut off, but not enough to pay it off early before the interest balloons.
Someone earning £70k ends up paying almost double someone on £150k.