I have just seen Yvette Cooper defending the government on Newsnight tonight on their commitment to restore mortgage lending to 2007 levels.
What on earth are they thinking?
If the profit motive managed to create the credit bubble that burst in 2007 then the political motives of a band of New Labour politicians desperate to turn around an enormous poll deficit less than two years before a general election will wreak economic Armageddon. Let us remind ourselves: 2007 saw 125% mortgages amongst other “innovative” mortgage products. And the high street banks failed as a direct result. To loosen credit back to those levels is unthinkable and yet it is the policy of the Broken British Government who now own much of our banking system.
We clearly need an independent body, like the Bank of England, to administer, manage and govern our stake in the high street banks. Politicians can’t be trusted to do it in the interests of the long term prosperity of our economy: they have an election to win within the next year or two.
I am so appalled I have written to both Vince Cable (Libdem economics spokesperson) and Chris Grayling (my MP, Conservative, Epsom & Ewell).
I beg you to write to your MP and anyone else who can make a difference on this.
