UK Property Repossessions Set to Rise

Published by Hub Pages
on Sunday, 30 January 2011 by Susana S
 

Double Dip Recession on the Way?

During the first weeks of 2011 reports about the UK economy have been nothing but negative and with the current governments refusal to see sense, it’s highly likely that we’ll see a lot more property repossessions in the coming years as we head into an almost certain double dip recession.
Rise in Cost of Living

Recent reports demonstrate their utter failure on economic policy. According to the governor of the Bank of England, Mervyn King, the value of workers pay is in the steepest decline since the 1920’s. This is because salaries are stagnant, inflation is increasing and everything costs more, therefore people are spending a much higher percentage of their income on essentials such as mortgage payments, utility bills, petrol and food and their wages are not reflecting the increase in outgoings.

Since the coalition government …


Tags: Bank of England, cost of living, government, mortgage, payment, property, repossession, rise, UK economy

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