austerity signThe Financial Times: Financial austerity times

It was a decade ago this month that one of the most significant and dramatic pieces of fiscal policy in modern times was put into place – austerity. The decision to cut £81bn over four years – which, in terms of a slice of GDP, would be the equivalent of the US cutting $650bn, the FT pointed out – is still being argued over today.

As recently as 2015, 58 per cent of British adults were in favour of the policy’s aims, according to YouGov, although 50 per cent thought its implementation was ‘unfair’. By 2018, 66 per cent thought austerity had ‘gone too far’.

numbers-graphicStat attack: BBC

It was the UN World Statistics Day in October, 10 years ago, which the ONS duly celebrated by making us all feel quite average. That is, if at the time you were male, were 38 years old, had studied for A-levels and were working 39 hours a week to earn £28,270 a year. The average woman, meanwhile, was 40 and worked 34 hours a week for the princely sum of £22,151 a year. She was 5 feet 3 inches tall whereas the man was 5 feet 9 inches.

And, in news that should surprise nobody, neither was taking enough exercise (just 29 per cent of women and 39 per cent of men).

mortgages house rise up graphicI say boom, boom, boom: The Telegraph

Back in October 2010, then-housing minister Grant Shapps said Britain could not afford another housing boom. “It is in everyone’s interest to have stable house prices for a long time, because the only way we can make sure housing is more affordable for future generations is not to have these crazy housing booms,” he said.

By September 2013 house prices were rising at the fastest rate since 2010, according to Halifax – 5.4 per cent in the year to August.

hob burnerHot… chip?: BBC

Back in October 2010, then-housing minister Grant Shapps said Britain could not afford another housing boom.

“It is in everyone’s interest to have stable house prices for a long time, because the only way we can make sure housing is more affordable for future generations is not to have these crazy housing booms,” he said.

By September 2013 house prices were rising at the fastest rate since 2010, according to Halifax – 5.4 per cent in the year to August.

The post 10 Years Ago: What made the news in October 2010? appeared first on Mortgage Strategy.

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The Financial Times: Financial austerity times It was a decade ago this month that one of the most significant and dramatic pieces of fiscal policy in modern times was put into place – austerity. The decision to cut £81bn over four years – which, in terms of a slice of...