Declan,

If you don't think debt reduction and(I assume) M4 contraction will happen beyond Xmas then I hope you are ready for the inevitable inflationary environment.

The only thing saving us from the doom that Mike and Car predict is the current contractions.

These contractions are just counterbalancing the gov. borrowing idiocy.

If the banks get back to a lending spree then expect 1% inflation per month... possibly more if investors start shunning GBP.

As for HP rises or falls. My opinion would be the same. Only difference being that the stats would be more in line with my opinion.