Gordon Brown “No more boom and bust” all over now
In 1997 Gordon Brown promised us “No more boom and bust”. I’d love it if someone could dig out the original quote from the archives. It looks like that promise is well and truly broken. What we got was ten years of boom propped out by cheap money and dodgy lending. This house of cards won’t stand out to the credit crunch earthquake - it’s all going to come crashing down in spectacular fashion. Today the prime minister said “a 2.5% fall in March, recorded by the Halifax, should be seen in the context of 10 years of big increases and low interest rates”. Yes Gordon, I’ll put that into context a drop from 23.3% house price inflation in 2003 to close to -2.5% today. Where next? It certainly won’t be going up anytime time soon, not with Abbey withdrawing the last available 100% mortgage deal last night.
I suggest housepricecrash.co.uk for an insightful and entertaining grandstand seat watching Gordon Browns economy fall to pieces.
Update: The original Gordon Brown quote can be found on the BBC Election ‘97 website.
Mr Brown said: “I will not allow house prices to get out of control and put at risk the sustainability of the future.”