Guidance is needed not scaremongering

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ROBERT WINFIELD MANAGING DIRECTOR CHARTWELL FUNDING

I am sure I was not alone in being shocked by headlines in The Sunday Telegraph recently suggesting interest rates could hit 8% in two years.

In much smaller print it was pointed out that this was radical new research and could only happen if a number of key factors were to collide.

They were also supposed to echo comments made by a former deputy governor of the Bank of England who expects the base rate to be 2.5% in 12 months – 2.5% to 8% in year two would be one hell of a ride.

This takes me back to my angst when papers reported house prices were falling when in fact they were rising but not by as much as before.

I am all for freedom of speech and appreciate that bad news sells newspapers, but I feel the press should be more thoughtful in what they spill into the public domain.

Do they ever ask themselves how many Sundays they will ruin as struggling families argue about their financial future? How many people will see the bad news and decide to end it all?

I wonder how many repossessions were instigated on the Monday after the article was published as borrowers decided enough was enough?

This recovery is fragile and so are the people who are struggling to make ends meet. Jobs have been lost, opportunities to make money are dwindling fast and credit is tough.

We need to guide people through the rest of the credit crunch and provide them with accurate, relevant information so as informed decisions can be made.