PM blamed for UK financial difficulties

Gordon Brown has been accused of worsening the financial situation of many households in the UK.

[UKPRwire, Tue Oct 09 2007] A study by Ingenious Securities shows that many households are struggling financially and the shadow chief secretary to the Treasury blames the prime minister.

Deteriorating finances means there are fewer home buyers entering the market, something which was shown in a recent report by the Department for Communities and Local Government.

"Millions of hard-working families are feeling the financial pinch as the effects of higher interest rates begin to bite and their pay packets are plundered by Gordon Brown's stealth taxes," said Philip Hammond.

"His legacy as chancellor is one of rising prices, record personal debt and low savings. No wonder so many families are finding it so hard to make ends meet," he added.

As a result of the financial squeeze, there is likely to be an increase in the number of people looking for a quick sell on their property in an attempt at avoiding repossession.

Julian King of the UK's leading fast property sale firm National Homebuyers says, "We have seen a dramatic increase in the number of people contacting us because they need a quick sale of their property.

"Repossession concerns are a sign of the times and apportioning blame could be a continuing process that will never find a total resolution.

"Lenders with 'dubious' lending criteria would be thrown into the mix.

"The fact is that there are thousands of homeowners to whom affordability is a serious concern, with property prices falling, this will be an extremely time for those who are already 'close to the line'."

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