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Re: Updated: Boris resigns as party leader
https://www.thetimes.co.uk/article/l...guru-pgv57p5jz
Quote:
Interest rates will have to rise as high as 7 per cent to allow tax cuts, according to Liz Truss’s economic guru.
Professor Patrick Minford said that despite fears over mortgages higher interest rates were “a good thing” because they protected savings and killed off “zombie companies” that were holding the economy back…
…Minford cited EU limits on working hours, union powers and employee consultation rights as rules that Truss should scrap to boost growth, saying: “One of things Boris Johnson refused to touch was the labour market and that makes no sense at all.”
However, he said that, unlike in the 1980s, environmental and medical regulation were now the rules that needed to be relaxed after Brexit to boost growth. He wants to reverse the EU’s “highly risk averse approach” and shift to a system where instead of banning things in case they cause harm, people are compensated afterwards if they do.
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I wonder if the 24% (2,640,000) of mortgage-holders with Variable Rate mortgages will think that 7% interest rates are a good thing?
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