We’ve all taken a bite from the juicy credit boom, apparently.
None more so, it seems, than the Government. It has done the one thing that we are all warned against: spending too much and living a life on credit. In the opulent boom days of yore, the powers that be in the Treasury offices used their watercoolers imprudently, photocopied everything and overdid the paperclips. (They must have registered a lot more of their mail, too – cost-cutting being one of the more logical explanantions for all of these embarassing security leak, cds-gone-missing, faux-pas. )
Back to the hoi-poloi. We all must ween ourselves off the magnums of Crystal, buy fewer pairs of Laboutins and try to cut back on the truffle-laden decadence of Ducasse’s monument to all that glisters. Oh, and lengthen our mini skirts, apparently. We’ll try our hardest.
The truth is that the lack of long-sightedness in favour of complex, diversity-enhancing financial packages has brought with it risk that will be felt by the new home-owners, mortgage-holders and low-income families more than anyone else.
And after all those home-improvement programmes and the buy-to-let rental fiesta, we now realise that real estate has stopped being real. What was once a chest-swelling pile of bricks and mortar is now a very long line of zeroes and ones in a computer chip many miles away.
Not for the first time, I’m reminded just how easy my low income, high rent, no car, no kids, no mortgage, no responsibility lifestyle is. For to buy a pad in London these days is to part with much, much inner peace.
All of us will feel the bite, but for some the apple will taste a lot more bitter and the crunch a lot louder.