In response to Polyanna’s comment

I would suggest you read my first comment again, very slowly and inwardly digest! I made no comment or mention of those who have lost or are about to lose their homes as a result of redundancy.

My comment is aimed directly at those people who chose to purchase property they could barely afford when the financial situation was better. Why should the rest of us who spend wisely and purchase within our means now be expected to support those who didn’t.

The interest rate cut will have no effect whatsoever on those who have been made redundant, as they still cannot afford to pay the mortgage regardless of the prevailing rate, unless the bank is generous enough to offer a holiday period or defer payment till later.

Having been made redundant myself several time in the past, with no help from anyone, I made sure that I spent wisely and as best as I could put some money aside as a contingency plan. When I had extra cash, I paid more off my mortgage, I didn’t spend it on flash cars and holidays etc. It is quite simply a case of being responsible for my own actions and suffering the consequences if I got it wrong.

I worked very hard to reduce my mortgage to what is now a very manageable level. This in turn has allowed me to put some money aside for later in life, as I’m self employed and too old to invest in any private pension plans that would give me a reasonable return come retirement.

A short term bailout now to those who were unwise will have severe and long lasting effects to those who have been sensible. Bear in mind the country will have to support many more people who had savings for retirement, but find those savings diminishing by the day.

Make no mistake about it, we will all be paying for this for many many years to come.

Think about it!