Bad moon rising will be good for the wealthy

LEP Columnist Barry Freeman
LEP Columnist Barry Freeman
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September will bring a rich harvest for many, or a few, mostly the chief beneficiaries of Britain’s ongoing economic adjustment.

That gilded tribe for whom the financial implosion of 2007/8 and ensuing recession/depression has represented a ripe opportunity for the picking rather than imminent existential threat.

An interest rate rise is now all but a shoe-in for the ninth month, or so a fidgety Will Hutton forecast on BBC Breakfast Bunch Friday.

A golden windfall for those who used recent tempestuous years to accumulate and lock away wealth; golden rain for millions who ride this storm as a sea of bobbing corks.

The more hard cash you got the more hard cash you gonna get. Got nowt? Get nowt. Got debt? Get hit.

Naturally the media – notably the enduring Thatcherite-ultra press, which has tacitly urged a rise for some years – seized on Bank of England Governor Mark Carney’s remarks hinting this was imminent as proof positive, case closed, that’s accepted wisdom – let’s move on to the next ‘thing’.

The fix is in. Cash-rich vested interests have been very patient, but is now time for them to enjoy the full fruit of their ‘labour’ in the Great British Rake Off that they and those who act on their behalf so skilfully orchestrated.

News of the looming stitch-up follows a survey of owner occupiers by the HomeOwners Alliance – as small ‘c’ a Conervative organisation as is possible to imagine – which in May found that more than a third (34 per cent) of households expect to experience financial difficulty in the event of an interest rate rise.

Needless to say most in fear were the young (49 per cent aged 25-34), earnings long frozen and faded by inflation, jobs a comic affront to once-prevalent dreams of security.

Estimates vary, but homeless charity Shelterclaim a quarter point rise will be ample to push 4,000 mostly hardworkingpeople of the kind ALL parties profess to adore into danger of repossession.

Incidentally, what a useful word is repossession. A neutral business word, snuck into ubiquitous use, descriptive solely of due process rather than physical consequence.

A legal matter. You see why the powers that be prefer it to ‘eviction’ or ‘slung on the street’. They do not want you thinking about families, children, upsetting scenes, as the moneyed minority cut celebratory capers beneath the bleak glare of September’s harvest moon...