House Prices Fell 16% Y-o-Y, Car Sales Down 36.8% November

The pound is at a record low against the euro this morning (1.15). Today we’ll probably see the Bank of England cut base rates to 2%. Alistair Darling says we’ll be out of recession by the second half of next year – which seems to Guido very, very unlikely. The government says it will be underwriting the entire mortgage business, not just through quasi-nationalisation of banks, but by guaranteeing defaulting borrowers for 2 years. This is not a recipe for sound money. At this rate we will soon have to rename the currency the Great British Krona…



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Quote of the Day

Jeremy Corbyn on Big Ben Bong Ban

“… if we have to miss Big Ben in reality for a while so that work can be done, well, that’s something we have to go through. It’s not a national disaster or catastrophe.”

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