Dreaded mortgage reduction letter arrived!!!

Sorry i meant to send this last message to Lulu

Mm

The Bank of England has held interest rates at the historic low of 0.5%.
- 1:18pm UK, Thursday October 07, 2010

news.sky.com/skynews/Home/Business/Bank-...est_Rates_At_0.5%25_

..At least our revised mortgage assistance (based on the fictional 3.5% interest rate) won't be cut further this month!

Hi BB

Thats good news for a lot of people!!! But when is all this going to come to an end!! Its quite worrying as to what will happen next i am dreading the 20th of this month when everything that is going to change comes into force!!!

Mm a smile costs nothing

Hi MM,

All that will happen on 20 October is that George Osborne, Chancellor of the Exchequer will announce planned cuts, nothing comes into force that day.

For example plans to change social security benefits like IB/ESA, HB, CTB, Tax Credits etc to a single credit will require repeal of all current legislation, and new primary legislation to be put forward in a White Paper, then a Bill, which would need to be passed by both Houses of Parliament.

It's been estimated that to do this would take around ten years, or it may never happen if insufficient MP's vote against it.

Other changes to be announced include Child Benefit, possibly Winter Fuel Payment currently paid to all over 60 years of age. There have been suggestions that the qualifying age will be raised to 70, but I doubt if this will happen.

Indeed, nothing will happen until it's approved by Parliament.

I'd advise members not to worry, as nothing is 'set in stone', and even if some or all the proposals are passed, they will take years to implement.

So why worry about something that may never happen

Hi Jim

Thanks for your post i feel beter after hearing that!! I automatically thought it would take effect from that date and drop it on us in a similar way as they have the mortgage interest rates!!!

Mm a smile costs nothing

They soon rushed thru the cut in mortgage benefit, that not a lot of people new about before hand.. !