Mortgage Pressure Builds

Pressure intensified today on our poor chancellor after he made some interesting comments about the state of the economic environment.

Alistair Darling told The Guardian last week that conditions were “arguably the worst they’ve been in 60 years”. The main issue with this is that the Prime Minister Gordon Brown has been at pains to point out how resilient the UK economy is.

As the ramifications of the chancellors comments fed through to markets and a fall in the pound, it does finally seem that a long awaited government re-shuffle will see us with a new chancellor giving the next budget.

As figures are released that the number of new mortgages in July were a massive 71% down on this time last year, a new wave of pressure also descended over the government to come clean over their plans for stamp duty.

The reality of the situation is that if anything is done on stamp duty it is likely to just be for the 1% up to £250,000.

But according to Treasury aides, the decision is likely to go right to the wire.

As they say here in Bristol, “Come on Darling, man-up”.