bright light

Although much of the news on the home mortgage front is doom and gloom, Chancellor Alistair Darling is hoping that things will soon turn around. The UK is not the only country dealing with a home mortgage crisis, and although things are not good right now, there is hope that the light is at the end of the tunnel and that the home mortgage market will be able to pull itself out of this spiral.

“Times are tough. It will take time for these global difficulties to work through,” Alistair Darling told city financiers. “But our economy will continue to grow. Independent forecasters expect UK inflation to fall back next year. Employment is at a record high. Many order books are full. British business is competing and winning all over the world. Our economy is flexible and resilient. In fact, both the OECD (Organisation for Economic Co-operation and Development) and the IMF (International Monetary Fund) expect us to be among the very best performers in all major developed economies. I agree.”

He added, “Today’s inflation must be tackled. We cannot be complacent. But in comparison to the 1970s when it reached over 26 percent, it remains low. Even in 1991, it was still at eight percent.”

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