After the recent ‘climate crisis’ of an ‘extreme’ summer, there’s a definite chill in the air and it’s not just the weather. Economic data screams out ‘recession’ (though hopefully not its uglier twin, ‘depression’) as the country heads inexorably towards the bottom of the financial Marianna Trench. Portents are ominous – the BoE has yanked interest rates up from around their ankles, mortgage providers are increasing their lending rate and pulling some of their historic fixed-rate products, and ONS figures showed inflation hit 10.1 per cent in July – up from June’s 9.4 per cent.
As estate agents offices open up again around the country, we need to adjust to a brave, new post-virus world.
The current ‘lockdown affair’ has been tragic, absurd and surreal. However, one unexpected side effect has been that everyone has had time to reflect on their lives and discern what is truly worthwhile. The difference between the price of everything and the value of nothing, as Oscar Wilde might say.
So as we come blinking into the sunlight, it’s an opportune time to examine the seismic macroeconomic issues which are rumbling away under our feet, at this very moment. Continue reading