The impoverishment, by inflation and interest rate/mortgage rate hikes, of the mass of Crown subjects in war-hawk Britain, can be caught in one report by CNBC on July 12.
“Research by the National Institute of Economic and Social Research, a leading independent think tank, recently estimated that the BOE’s recent 50 basis point hike would see 1.2 million U.K. households (4% of households nationwide) run out of savings by the end of the year because of higher mortgage repayments.
“That would take the proportion of insolvent households [i.e., those with no savings and no home equity—ed.] to nearly 30% (roughly 7.8 million), the NIESR said, with the largest impact set to be incurred in Wales and the northeast of England.”
Monthly mortgage payments will rise by nearly 50% by year’s end, on average, according to the NIESR’s report. Total payments gouged out of working and unemployed households will increase by £12.1 billion (almost $16 billion), and mortgage delinquency therefore likely will rise by an amount comparable to the $15 billion increase just reported for Italy. (https://www.niesr.ac.uk/news/1-2-million-uk-households-insolvent-year-direct-result-higher-mortgage-repayments. )
