so the UK version of the Republican party?
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And Nigel Farage is uncannily similar to Trump.
The UK has basically turned into Italy at this point. Additionally, the ME conflict will damage the UK further (largest GDP hit at -0.7% in the OECD) which will no doubt cause more economic instability over the next 12-18 months.
Knives are clearly out after the electoral beating Labour took in the local elections.
Hard to see Starmer lasting long at this point. He might last till next years local elections (with the redrawn boundary maps) but donât see how the results end up better for him if they keep following the same script.
Doesnât look like Starmer is going to survive this one.
Perhaps itâs time for Starmer to get his own head of lettuce?
And I would add bigotry.
Looks like Starmer is going to be challenged by Streeting.
So weâre going to get debates and votes over the next few months assuming Streeting has over 81 MPs who sent in letters (20% of the Labour total).
Iâm not familiar with Streeting. Is he also Labour? Would he be an upgrade over Starmer? Starmer has been a disappointment for sure.
Streeting is currently the Labour health secretary.
On the Labour party, he is on the right of the party so he would be more fiscally prudent.
There would not be a lot of change vs Starmer per se.
It is also likely that other MPs from the left of the party will throw their name into the mix so this could all get a lot messier.
From a Labour MP:
Thereâs already financial chaos, gilt yields are rising. If we have a leadership race with more promises that we canât afford then yields will go even higher and there will be economic turmoil and the public will not forgive us for a generation,â the cabinet member said. âThis is all totally crazy.â
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Whatâs the latest with Andy Burnham? Or is he not an option anymore?
He canât run unless he becomes an MP.
So he is looking for a currently sitting Labour MP to resign and give up their seat so he can run (and win) in a by-election there for Labour (and become an MP).
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UK is the new Italy at this point. We are now looking at another potential PM. Thats like 5 in 10 years.
Well, this is certainly a reminder that British English and American English can be very different languages.
Mortgage rate shock coming up for those rolling off the 2Y and 5Y fixes. The UK really canât catch a break.
I donât know anything about the mortgage market in the UK, so pretty basic question. The article says 25 year mortgage and the quoted payment amortizes the loan at 5.75% for the entire life. The âtwo year fixedâ must mean the rate resets at the end of two years.
Iâd call that an adjustable rate mortgage. The internet tells me that ARMs are making a comeback in the US and are maybe 12% of current new mortgages.
Are they more common in the UK?
My impression is they are. Iâve got a friend there with a few rental properties and sheâs often getting a new mortgage.
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We donât have 20Y and 30Y mortgages like the US has.
Market is dominated by 2Y and 5Y fixed rate mortgages. These are like 80+% of the market IIRC.
So if somebody takes out a 30Y mortgage in the UK, its really composed of a ladder of 2Y and 5Y fixes over the 30Y amortisation period.
This makes the UK mortgage market much more sensitive to a change in rates (vs US) as you will have a slice of people rolling off 2Y and 5Y fixes that now have to re-fix for the next 2Y or 5Y at much higher rates.
So to answer your question, yes. Very similar to ARMs in the US.
AndâŚback to the 70s we go.
Labour is terrified of the coming food inflation (going to hit 8% or more over the next 12 months) but canât use public money for this as the UK is broke.
SoâŚprice controls. You honestly canât make it up.
Long term fixed rate mortgage is rarely available outside of the US except for a handful of countries (Denmark and Japan perhaps. France has a 25 year fixed mortgage).