Fight to Keep a Roof Over your Head
Fully Nationalise Bank of England
Our Over 50s & Young Labouring Ages party government would take back full power over our central bank, the Bank of England.
Over 50s & Young Labouring Ages party government would use the central bank, the Bank of England to solve the market (finance world) predicting that the Bank of England base rate will rise above 4% by the end of 2022 and as high as 5.5% by July 2023.
That would mean that the interest rate on the best 2 year fixed rate mortgage will jump to around 6.5%.
ONLY RICH TO BE CHARGED THE HIGHER MORTGAGE INTEREST RATE in an Over 50s party government
- 6.5 per cent mortgage rate to be kept only for richest UK citizens (earning from £200,271 upwards), on highest value, largest homes.
Already UK citizen when Over 50s & Young Labouring Ages party get into government at next general election. - Foreign rich home owners would be charged 17 per cent mortgage rate (rate back in the 1970s, last time inflation was this high, when oil prices rose).
- 1% tax on super-rich people’s assets valued over £10m.
(Background ..."new rules ... force overseas buyers to declare their ownership ... The new register of overseas entities maintained by Companies House (came) into force on 1 August 2022."... "The super rich have bought 61 luxury London properties with price tags of more than £10m in the first six months of 2022 with sales at their highest in a decade. The total value of £10m-plus homes changing hands so far this year has topped £1bn as international buyers continue to be attracted to London."...
Bring Back
zero interest rates
Our Over 50s & Young Labouring Ages party government would bring back Zero Interest Base Rate from the central bank, the Bank of England, so going back to base rate of 0.1% as was in March 2020.
Ensuring people are not charged for keeping their money in retail banks, by retail banks and finance firms to be told to have 1.25 per cent interest rates.
All current fixed rate mortgages to be lowered to 1.20 per cent (as was in 2021) and become fixed for life, ensuring your mortgage term length finishes at age 60.
Able to take your fixed for life option if need to move.
HOW MORTGAGES ARE GRANTED WILL CHANGE in an Over 50s & Young Labouring Ages party government
New joint home mortgages will be granted on the basis of two women buying a home.
Men tend to be paid more still.
FOREIGN BUYERS CAUSE HOUSE PRICE RISES BY PROPERTY SPECULATION
Article dated 2021
..."Foreign ownership of homes in England and Wales has reportedly nearly tripled over the past decade"...
..."Some two-thirds of the purchases have come from buyers based in
12 countries, with Hong Kong buyers the biggest spenders"...
..."Jersey, Guernsey, Isle of Man and the British Virgin Islands, also host other key buyers who collectively own nearly 50,000 homes in England and Wales."...
..."London has remained the golden egg in the property chase however, with more than 12,000 homes in Westminster alone owned abroad.
..."The trend has spread to less wealthy areas of (London) such as Tower Hamlets, Newham and Lambeth."...
BACKGROUND INFORMATION
What is the Bank of England?
Who owns the Bank of England today?
Is wholly-owned by the UK government.
The capital of the Bank of England is held by the Treasury Solicitor on behalf of HM Treasury.
Although owned by HM Treasury, the Bank of England carry out their responsibilities independently. So free from day-to-day political influence.
The Monetary Policy Committee (MPC) of the Bank of England is responsible for setting Bank Rate.
High street banks and other financial firms keep a close eye on Bank Rate. That’s because many of them hold deposits at the Bank of England, which are called ‘reserves’.
When Bank Rate is positive, the Bank of England pays interest on these reserves. The amount of interest paid depends on what the rate is.
If Bank Rate were to be negative, these firms would have to pay interest on keep their deposits at the Bank of England.
In countries where the central bank has already set a negative interest rate, people can typically still keep money in their bank account and not get charged.
Source: Bank of England websites
WHAT HAPPENS WHEN CENTRAL BANKS CHARGE HIGHER INTEREST RATES?
If the central bank charges higher rates to commercial banks, commercial banks in turn increase the rates they offer to households and businesses who need to borrow.
As a result, personal debt,
car loans, credit cards, and mortgages are more expensive.
..."With interest rates increasing and the cost of living soaring, consultancy Oxford Economics predicts that from the end of (2023) house price growth will drop from its current 10 per cent
into negative territory,
and will contract through 2024."... predicted up to 2 per cent less house value by 2024.
Source: https://www.ft.com/content/c41094b4-050d-4522-88ad-fc9a9829bd80
