The depth of the housing crisis is still being plumbed and it appears as though global consumer confidence has dipped as a result of these finance problems. Homeowners across the UK are finding it impossible to keep current on their finance loans and rates are higher than ever. This spells bad news for many, especially those that are closely watching the finance sector for signs of hope. Although the housing crisis cannot last forever, for many, it cannot end too quickly. Until it does, many finance experts will be holding their breath.
Shadow Treasury minister Philip Hammond said: ‘Even with this bad news from the euro zone, international investors have lost confidence in the UK and the pound has fallen against the euro. This is one reason why inflation is now higher in the UK than the euro zone. Gordon Brown’s economic incompetence is hitting families in the pocket.’
John Dickie, director of strategy and policy at London First, said: ‘The capital is the engine of the UK economy. Action is needed now to keep the engine running.’ He said ministers should press on with infrastructure schemes including Tube renewal, the East London Line extension and Crossrail.
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