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Star Letter Extra – 08/01/2016

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  • 08/01/2016
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Star Letter Extra – 08/01/2016
Each week Mortgage Solutions rounds up the most opinionated and thoughtful comments of the week.

Osborne: Interest rate rise could be on the horizon

Mervyn

George is right – the Titanic is still sinking. It is essential to get government spending under control and stop the borrowing used to fund what we cannot afford. It is a real shame he did not have the courage to get rid of the tax credit system that is helping to bankrupt the UK.

Base Rate

I appreciate this may upset a few people but having a Base Rate at 0.5% has created a false economy. The Bank of England should have raised rates a few years ago so the level at today’s date would be 1.5 – 2%, but the powers that be were frightened. Now by having the Base Rate [low] for so long a generation has only experienced the artificial low and grown accustomed to living at this level, hence real future concerns on people’s ability to cope. A return to a proper level instead of the artificial low is required.

Osborne continues hunt for FCA CEO as McDermott declines job

BG

Why should Osborne decide who is to lead the FCA? Surely, the role should be filled by an individual who will not roll over to any politician. Reading between the lines it appears that the bankers have been battered by Wheatley this past year. They have in turn put pressure on Osborne to [replace] him with someone who will play the game and let them trade as they wish.

Openwork reviews member fee-charging structure to fund IT spend – exclusive

Gary Wright

It’s not the percentage they will retain from the fee that’s important. It’s the fact that they’re now taking a slice of a fee received. Once this has been accepted by advisers and industry, they will soon start to increase the percentage slice they take. It’s the same as councils that started to charge for town parking. Initially they introduced a nominal 50p to park all day. Two years later you go back to the same car park and it’s now £5 to park all day.

John

I have been considering leaving Openwork. If this is implemented it may make my decision a lot easier as I feel I am already paying them too much and not getting any value.

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