Financial News
Feb. 14th, 2005 09:24 amThe EU want to make it much easier to take out mortgages across borders - so, for instance, I could take out a mortgage with a bank in France. As the EU interest rate is a couple of points below the UK one I suspect many people would instantly switch their mortgages over to euros rather than pounds. Which would put us straight back into a hugely rising property market and effectively take control of interest rates out of the Bank of England's hands. It would thereby effectively remove the major reason or not joining the Euro - i.e. control over our own currency.
Interesting manouver. I wonder if they'll get away with it.
Interesting manouver. I wonder if they'll get away with it.