The number of households defaulting on mortgage loans increased "unexpectedly" in the first three months of the year, and is expected to rise further, according to the Bank of England.
Hang on:
We have pay freezes
And falls in net household income
And inflation fuelled by government policy
And rising unemployment
And yet the Bank of England did not expect an increase in mortgage defaults? Why on earth not? Has common sense now passed them by?
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