Tuesday, 7 April 2009

Scotland exports the housing bubble to England

It is funny how Scottish banks were the most reckless lenders during the bubble. The Bank of Scotland, RBS, and the Dunfermline have all gone down in flames since August 2007.

Yet the housing bubble in Scotland was a rather muted affair. The House price to earnings ratio was consistently lower than the UK average.

It must have been a Scottish plot to undermine England. Remind me again, where do Brown and Darling come from? What about Blair? Isn't he a Scot masquerading as an Englishman? Perhaps I live too far south.

10 comments:

Mark Wadsworth said...

Maybe, maybe not. The important bit on that chart is the price-to-earnings ratio that doubled from 3 to 6 and is now heading back rapidly to 3 again.

50% peak-to-trough, anybody?

Half The Story said...

Do you have the longer term data that shows the start and end of the previous crashes in an overlay format.

That way we can see the average start and end points?

Anonymous said...

Scotland always misses out.

electro-kevin said...

Scotland always misses out, indeed !

University tuition fees, charges for elderly care, prescriptions, the Lothian question ...

Anonymous said...

Does this prove Edinburgh is really part of England then?
Mean full time salary, £33k
Average house price, still comfortably north of £200k...

Seorsa said...

Electro-Kev, We Scots elect people to spend a block grant as we see fit. We want free universities, free elderly care and free prescriptions. Yes there is a formula for allocating the block grant, and you may or may not agree with the formula, but we choose how to spend it. If you want your government to give you the same freebies as us, then elect members of your legislature who will pass bills giving you those things. And perhaps if your government wasted less on foreign wars, or aid to nuclear powers, or donations to Eu budgets then you could have other freebies too.

powerman said...

Seorsa, we don't have a seperate legislature like you do. We just directly deal with a parliament intended to legislate for the whole of the UK in which Scotland is represented out of proportion to it's population.

'Our' government is also your government.

Anonymous said...

Scots have always been right bastards: you would be too nursing a hangover 24/7. They took their resentment and hatred and organised a coup to take over the British state and then bankrupt it. Mission accomplished!

Anonymous said...

Did you see the lates news to be found out through the FOA? Remember, they didn't want us to find this out and it has been kept secret for years - The Scottish Chancellor has been giving Ireland millions of pounds every year, out of England's tiny share of the NHS budget [Barnett Formula makes sure we pay the most for the least returns]. Wales, Scotland & NI did not have to pay any of this money. Only England.

Stephen Gash said...

@seorsa Scotland should raise its own taxes (yes oil included) and spend its own money. So should England and the rest of the UK.

There should be no block grants. Passport controls to get into England should be strengthened, especially from Scotland.

Yes, we are talking English independence.