PROMISES AND REALITY

Mrs Thatcher promised us a "property owning democracy", Mr Blair promised a new deal for the "socially excluded". Despite all the promises from all the different political leaders the end result is poverty and insecurity for the working class. "UK homeowners are already reeling from five interest rate rises since the summer of 2006, with many facing the threat of repossession in 2008. Borrowers coming off low fixed-rate mortgages now face an immediate increase costing hundreds of pounds a month. Repossessions are set to rise by 50 per cent next year, according to the Council of Mortgage Lenders. Thousands of borrowers have already been forced to paying their mortgages on their credit cards to avoid arrears, according to a recent report by Shelter, the housing charity." (Times, 6 November) RD