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Since the Budget last week Ive blogged a fair bit about the changing OBR forecasts and in particular their large downward revisions to their business investment forecasts.
However rather than focusing on just the recent changes it is worth taking a step back and looking at how these numbers have changed over a longer time period. The table below shows the OBR business investment forecasts over the past 20 months.
As can be seen, back in June 2010 the OBR expected business investment to grow by a very healthy 8.1% in 2011. By November of that year they had become even more bullish about the prospects for 2011 with growth revised up to 8.6%. Fast forward four months and the doubts begin to emerge, business investment growth for 2011 were downgraded to 6.7% in March 2011.
Credit reference agency Experians announced that by the end of 2012, your rental payment record could be added to credit files , so missed payments could kibosh mortgage and other applications.
This has pros and cons, but my strong objection is it means you risk being financially linked to anyone you live with, so their problems or missed card payments can hit you.
That seems a complete misunderstanding of who and how many flat shares work. Currently you can, of course, be credit linked if you get a mortgage with someone. That seems fair, its a major financial commitment usually with a spouse, close relative or close friend. However, with flat shares, it may be a cursory acquaintance, or very commonly someone you simply dont know.
This new credit file regime could mean when you move in with someone, youre going to have to commit to at least financially getting into bed with them – and thats unacceptable. I
Here’s Michael Williams of The Children’s Storefront interviewing me!
As I mentioned in my last post, the ability to delay gratification leads to fewer behavioral problems, lower stress, stronger friendships, and even higher SAT scores!
Waiting is a lot like saving. We all have things we’d like to buy (like the designer jeans I wanted, but couldn’t afford, as a kid), but it’s important to prioritize saving. After all, if you saved $1 a day starting at age 15, you’d have $80,000 by age 65—that’s a lot of money!
Say you buy an iPhone for $200. If you purchase it with a credit card that charges you 18% in interest, and you only pay the minimum, you’ll end up paying $225 over nearly a year and a half—$25 in interest! Maybe that doesn’t sound like a whole lot extra, but more is more, and it adds up when there are lots of purchases or more expensive items. It’s just not worth it.<
Existing-home sales in January increased month-over-month for third time in the last four months, the National Association of Realtors (NAR) said in a recent report.
Total sales rose 4.3 percent from 4.38 million units December 2011 to 4.57 million January 2012, the NAR said. The 4.57 million mark is 0.7 percent higher than one year ago in January 2011.
The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents, Lawrence Yun, NAR chief economist, said in a statement.
On a regional basis, month-over-month sales rose the largest percentage in the West. Existing-home in the West increased 8.8 percent to an annual pace of 1.23 million. The median home price in the West came in at $187,100, which is a 1.8 percent decline from last year.
Existing-home sales rose in a similar fashion in both the South and Northeast, with sales rising 3.5 percent and 3.4 percent month-over-month, respectively. T
Economist Brad DeLong has some suggestions for President Obama regarding how he should handle the countrys current economic crisis without expecting any help from Congress, because they cant agree on anything. This means that regulatory reform is a non-starter and the president will have to result in putting pressure on the Federal Reserve to increase quantitative easing, close the spending gap and be willing to invest government dollars in infrastructure projects. It would also help, he argues, if the Treasury Secretary spoke on the benefits of a weak U.S. dollar to help exports and give a boost to the struggling European economy. For more on this continue reading the following article from Economists View.
Brad DeLong:
…What in most important is not just what Obama proposes on Thursday (because nothing will get done by congress), but rather what he does in the weeks and months afterwards to actually tune the economy so that it creates more jobs.