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Friday, May 02, 2008

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Peter

Are central banks becoming helpless? Can they really control the macroeconomics they were able to at one time?

UK is one prime example. Its unemployment is at its lowest it over a decade. Industrial output is at a respectable level. Inflationary pressures, caused primarily by factors unrelated directy to UK are causing the Bank of England to keep the interest rates high although there are clear signs that the economy is hurting in the wake of tightening credit squeeze (not primarily UK's fault, incidently).

The subprime mess is causing an increasing number of house repossessions. Ministry of Justice estimates that there will almost 45,000 repossessions in 2008 and the number is expected to be the same in 2009. No wonder the house prices are beginning to tumble already, as reported by the media widely.

And this is despite the fact that UK has had excellent economic growth and the unemployment is at its lowest for over 10 years. Not good news for home owners facing financial distress but this presents an opportunity for those planning to get on the housing ladder.

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