The centre for economics and business research said the United Kingdom remained among the poorest performers of the 25 European states. Some Researcher said that The UK economy has been growing continuously for the last 8 years or so and has enjoyed the best economic growth run for 200 years.
Nearly 70,000 people became insolvent in 2007, the highest since records began, the
Department of Trade and Industry (DTI) have said. There were a record 20,461 insolvencies in England & Wales during the final quarter of 2006, a 57% annual rise. Experts blame the rise in insolvencies on greater personal debt, slow growth and bankruptcy rule changes.
Repossession orders have been on the increase.
In the first quarter of 2007 3,187 firms in England & Wales went into liquidation.
That was 8.5% more than during the same period in 2006.
The government's Insolvency Service said that it had evidence that there was no link between the new bankruptcy laws and the rise in insolvency create the situation of home repossession.
As for the Europeans being absorbed in to the economy, it's probably the
biggest disaster facing the country at this moment in time as they're more
than willing to work for peanuts which is good for the big corporate
companies but lousy for your average guy on the street who has a
mortgage and other debts and outgoings.
What the powers to be could do is encourage the banks to keep the party going a little bit longer by offering people that can't afford to buy house interest only mortgages, let me explain and you’re going to love this. What you do is, you take out a mortgage, say
£150,000, you pay the banks interest on this loan for 20-25 years and then at the end of it, you're never going to guess this but you still owe the bank £150,000. What do you think? Good idea?
