Lack of interest

GOOD News about interest rates rising. No less a person than the Governor of the Bank of England told us, a few weeks ago, that if we vote to leave the EU interest rates will rise. Good. There are roughly 6 times as many people who are investors/ deposit account holders, as there are people who have mortgages. Yes that’s right…six times as many. Anyone with a bank or Building Society deposit account will therefore be wanting to vote Leave as this will, according to the Governor, benefit them. Everyone you meet grumbles about the rubbish rates they are receiving on their deposits. The Governor has pointed the way. Vote leave to improve your income! Congratulations to the Governor! Just in case you think I am being unfair to people with mortgages, think about this. Interest rates have been at record low since March 2009. Bank base rate has remained (!) unchanged at 0.5%. People have got used to these rates. An increase would bring a little reality into the picture. When I had my first mortgage, the interest rate was 8.5%. It was a struggle but I survived….we all did. One last comment about Mark Carney, the Governor. Remember a few years ago he said that interest rates would rise if unemployment fell below 7%. Well, it fell below 5% and nothing happened.