What we don’t need right now is the sort of negative speculation that I have seen in the press about the UK economy failing and ‘juddering to a halt’.
We are emphatically open for business.
The answer has to be that we grasp the nettle, and change our fee structure.
What’s required now is further proactivity on the part of regulators to create the necessary space for provider innovation and customer accessibility.
The appearance of ‘business as usual’ could well help it to become a self-fulfilling prophesy
The Bank has only half a percentage point – or as I put it in a previous blog, ‘two bullets left in the gun – with which to play. Will a rate cut in isolation make such a difference?
We may well see the number of remortgages rise.
I heard once that an economist is considered to have done a good job if just over 50% of his or her predictions come true. This is an incredible situation where in most other jobs, if you only did half of your job right you could rightly expect to be sacked.
If you were to spend 12 hours on home insurance and complete 24 applications in a year you could be earning the equivalent of £3.13 per minute compared to just £1.40 per minute for a mortgage.
Although some clients have put their plans temporarily on hold, there have been very few outright cancellations.