The Endowment Diary

The Endowment Diary

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The Endowment Mis-selling Debacle - one of the UK's worst financial scandals

Friday, May 07, 2004

Drip Drip Drip

Yesterday the Bank of England raised interest rates by 0.75%, for the third time.

This move did not come as a surprise, the markets did not take flight; and it is unlikely that the booming housing market will collapse as a result of this one rise.

However, couple this rise with the two others and the prospect of more to come; then add in the total failure of the FSA, and the insurance companies, to address the endowment mortgage mis-selling scandal.

You now have a recipe for undermining the confidence and trust in the housing market, something which underpins the entire British economy, and causing a collapse in both the housing market and the economy as a whole.

We live in dangerous times.

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