Interest rates may rise this year, catastrophe approaching again!

The Governor of the Bank of England has stated that interest rates may go up this year, just before the next Election. Well what a surprise!!

I suggest the rates will go up just before the next Election so that the next Government will get the blame for it, so I wonder who the next government might be?

Not funny, because although I hope UKIP will dominate the polls at the next Election they probably won't make the top spot and thus, as predicted Labour will be our next Government, much as I hate the idea.

So the repercussions of the interest rate rise will be millions of homeowners failing to pay the mortgage, the banks come in for the kill again as they sell the property at knock down prices and the local Councils are then faced with rehousing said millions up and down the UK costing us the taxpayer yet again, and whilst the average person will be even more worse off the Government will carry on sending many £millions of our hard earned money to third world 'poor' countries.

Basically years of b....y torment here by one lot and back into the brown stuff by the other!

Please consider voting UKIP at the next Election and help us to get out of continually paying others, when we need it so badly here in the UK.

On the subject of paying mortgages I think the banks are wrong to be allowed to sell at knock down prices, or even have the right to sell at all, but until we change things that's our lot so why doesn't the Governnment and/or banks allow a mortgage to carry on down the family ie children, grandchildren. That would help many and give security at the same time, but oh no, that's too b...y easy!

Now that this thread has been started and the ball is rolling the Government will obviously read what we say on POE (because they do don't they) and they will make changes soon won't they?

Yeah, yippeee I see a flying pig!

In an ideal world, those people with mortgages would have been wise to pay down their debts while the interest rates were low. I said this to a much younger person who was 'quids in' with low mortgage payments. Nonsense, he said, I can afford a super holiday, a new telly and maybe a new car. I am old enough to remember when mortgage interest rates were 13% or more, and in time, this could happen again.  As you say, Ron, the misery will return sooner or later.

On the flip side, during this time of low interest rates, savers are being hammered. These are mainly the elderly and the debt averse. What is bad news for one sector may be good news for others, but a major hike in interest rates (or 'correction' as they say in the banking world) will be painful for many. Hopefully Mr Carney will apply a very gradual increase, this being particularly important when there is little real growth in incomes.

I also remember having to pay a high rate of interest on a mortgage, and we managed just fine without getting into debt. Like John, we are of the can't afford it, we can't have it until we've saved up thinkers. I'd welcome a steady increase in interest rates, it's a joke looking at the amount of return we're getting on our savings.

The problem is now lots of people want everything straight away and they don't seem to mind how much debt they run up to get it. I can't see a rise in interest rates slowing these people down whatsoever, that's when the trouble will start. 

Same old story same old medicine it's about time the banking world sorted itself out.

1. The pay a pittance to savers.

2. They charge excessive rates on credit cards.

3. They pay obnoxious bonuses to managers.

4. The British public has had to bail them out.

5. And to cap it all George Osborne says they are doing a brilliant job.

6. Just who is he kidding.

Some excellent points there, Neil.

Unfortunately, banking will never sort itself out, since it is essentially a self-rewarding activity.

It is just one of the many areas in which the self-serving elite flourish. There are many people paid over £100k per annum who do not deserve this level of remuneration. I am thinking here not just of the  bankers, but of mandarins in national and local government, the  BBC, NHS bosses, charity bosses, quangocrats, etc. There is little chance of reform when those  who get into these positions close ranks and set their own salaries.