More doom and gloom in the mortgage market
It has been revealed that yet more tracker mortgages have been withdrawn from the market ahead of today's expected interest-rate reduction by the Bank of England leading to cries that the financial sector is not fulfilling its obligations as agreed with the government. Since the rescue package for the sector was announced we have seen a slow backpedalling by authorities and the banking sector where apparently new terms and conditions were supposed to see consumers benefit from day one.
This apparent lack of action flies in the face of what the taxpayer was promised and is starting to cause serious unrest and further heartache for the housebuilding sector. After attempting to force the banks into a U-turn in private we have seen a sustained effort by various government ministers to place very public pressure on the sector but this has yet to have any impact whatsoever.
Gordon Brown's recent revival is in real danger of collapse and the Glenrothes by-election today will be the first major hurdle he will have to overcome since his new found presence on the international scene. If he is given a new mandate by the Glenrothes public then this could and should strengthen his position in the political arena and allow the authorities to place more pressure on the banking community.
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