Peter Rollings commenting on todays figures from the British Bankers Association
Fri 15 Aug 2008
This should be a serious wake up call for the government, FSA and Bank of England. Were really starting to see how bad the situation could get if we continue to rely solely on market forces to get the housing and mortgage markets moving again.
Were being fobbed off with promises of action from the government, but it is needed NOW, not three months down the line. The job of the MPC is to be ahead of the game, not catching up. People are already severely curbing their spending and these figures provide yet more evidence that new mortgages have sagged. We must see a cut in interest rates in October if we are to avert worse trouble.