interestrateripoff

The Bank Of England Clueless Thread

2,534 posts in this topic

2 hours ago, RickyD said:

Austerity no good? Not what he was saying last year. :rolleyes:

https://www.theguardian.com/politics/2015/apr/13/ed-balls-labour-will-eliminate-budget-deficit-by-2020

Quote

Ed Balls has delivered an unequivocal commitment that Labour would eliminate the current budget deficit and even deliver a surplus by 2020, in a toughening of the party’s language on public finances.

The shadow chancellor moved to counter Tory accusations that Labour was failing to set a deadline as he said the end of the next parliament was the party’s definitive “backstop” to eliminate the current budget deficit.

Speaking on the Today programme on BBC Radio 4 ahead of the launch of the Labour manifesto in Manchester, the shadow chancellor said: “Our intention is to get the current budget back into surplus and the national debt falling by the end of the parliament and earlier if we can. I would like to do it faster and get to a bigger surplus, but of course that will depend upon what happens to the economy and wages.

“I made a commitment yesterday that our goal will be £7.5bn a year extra coming in from tackling tax avoidance and tax evasion. If we can do that by the middle of the parliament that will enable me to get the deficit down earlier, but clearly that is an ambitious goal. That is why our backstop is by the end of the parliament unequivocally.”

 

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fcking Halloween, somehow this became a thing in our house this year, I reluctantly bought a few pumpkin and some sparklers and other nondescript TAT on the orders of the wife. god damit I hate these manufactured consumer events.

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1 hour ago, thewig said:

fcking Halloween, somehow this became a thing in our house this year, I reluctantly bought a few pumpkin and some sparklers and other nondescript TAT on the orders of the wife. god damit I hate these manufactured consumer events.

We call them Hallmark Anniversaries. There's one every six weeks or so, a 'compulsory' celebration usually involving the purchase of cards/gifts. Anything to pressure you into spending like a robot all year round.

Christmas, New Year, Valentine's Day, Mother's Day, Easter, Father's Day, Halloween, and latterly Black Friday.

Grandparenting Day in early September hasn't really taken off in the UK yet. The ideal fill-in between Father's Day and Halloween for retailers.

Edited by zugzwang

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8 minutes ago, zugzwang said:

We call them Hallmark Anniversaries. There's one every six weeks or so, a 'compulsory' celebration usually involving the purchase of cards/gifts. Anything to pressure you into spending like a robot all year round.

Christmas, New Year, Valentine's Day, Mother's Day, Easter, Father's Day, Halloween, and latterly Black Friday.

Grandparenting Day in early September hasn't really taken off in the UK yet. The ideal fill-in between Father's Day and Halloween for retailers.

Never mind all these, I still don't get the point of the whole "birthday" thing.

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19 hours ago, onlyme2 said:

Simple answer to that one.

LIAR.

 

If only to add the words bare faced.

I believe even the BIS of which he is a director admits as much.

 

Edited by billybong

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14 hours ago, interestrateripoff said:

Colder weather helps UK retail sales growth to 14-year high - ONS

 

LONDON British retail sales rose at their fastest annual rate in more than 14 years in October as cold weather and Halloween boosted sales, but economists said Brexit effects were likely to weigh on spending next year.

The MSM just get more and more bizare

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14 hours ago, interestrateripoff said:

Colder weather helps UK retail sales growth to 14-year high - ONS

 

LONDON British retail sales rose at their fastest annual rate in more than 14 years in October as cold weather and Halloween boosted sales, but economists said Brexit effects were likely to weigh on spending next year.

Osborne's echo housing bubble is still roaring away... East Europeans continue to pour into the UK unchecked... Hammond is spending like a drunken sailor... money is fleeing China in record amounts as the yuan collapses...

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14 hours ago, thewig said:

fcking Halloween, somehow this became a thing in our house this year, I reluctantly bought a few pumpkin and some sparklers and other nondescript TAT on the orders of the wife. god damit I hate these manufactured consumer events.

With you on that.  All the neigbnours decorated their houses.  People really are f**king stupid.

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https://www.theguardian.com/business/2016/nov/18/low-interest-rates-inequality-bank-of-england-ben-broadbent

http://www.standard.co.uk/news/politics/bank-of-england-chief-steps-up-attack-on-theresa-may-s-claim-that-low-interest-rates-hit-poorest-a3399081.html

Broadbent taking May to task for choosing inequality as a line of attack on low interest rates. An irrelevant distraction by way of criticism, and an argument the Bank will easily win.

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So, manipulating interest rates since 2001 has had nothing to do with  the increase of housing prices way, way above inflation, in most cases in the 100's%.

 

I suppose the advantage in being "independent" is that when you are a blatant liar you can't be booted out by the public. Absolutely not a quiver of responsibility for their actions, scandalous.

 

 

I doubt that any independent decision of monetary authorities, the MPC (Monetary Policy Committee) included, has that much bearing on the behaviour of real asset prices over long periods of time, or any distributional consequences that follow.

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6 minutes ago, onlyme2 said:

So, manipulating interest rates since 2001 has had nothing to do with  the increase of housing prices way, way above inflation, in most cases in the 100's%.

 

That's why William Hague's challenge was so much more effective than May's.

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"Mark Carney Hands His Gold Card to the Bankers

Lloyds Banking Group Plc, Britain's biggest mortgage lender, is in pole position to buy Bank of America Corp.'s 7 billion-pound U.K. credit card business, MBNA, according to the FT.

It's a deal with quite a few risks. Whoever buys it might have to compensate more customers for the mis-selling of payment-protection insurance, the U.K.'s costliest finance scandal. There's also the question of Britain's uncertain economic future as it prepares to leave the EU. Loan losses may rise.

But there's a sweetener here in the form of Carney's Term Funding Scheme. The 100 billion-pound ($124 billion) facility offers banks the chance to borrow for four years at about 0.25 percent. That's much cheaper than MBNA's internal funding line of about 1.5 percent in 2015, according to UBS estimates. With 4.2 billion pounds of internal funding to be refinanced, ultra-cheap credit will be useful."

https://www.bloomberg.com/gadfly/articles/2016-11-21/mark-carney-hands-a-gold-card-to-the-banks

Central bank creates money. Bank borrows that money, pays 0.25% interest, takes over £7bn (really?) of UK private debt. Consumer borrows that money and pays ~20% interest, buys overpriced designer brands, posts to Instagram. Everyone wins?

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23 hours ago, interestrateripoff said:
 

UK to raise deposit guarantee after pound's Brexit plunge

 

LONDON The Bank of England (BoE) has proposed raising the guarantee on bank account deposits back to 85,000 pounds from Jan. 30, 2017, to reflect the sharp fall in sterling following Britain's vote to leave the European Union.

 

Up and down like a yo-yo!

LOL as if it matters one jot to the average man in the street unless they are the rich HPC crowd waiting with their cash mountains for prices to fall ... but clearly just split the cash between all the various banks, say 10, to get protection for 750,000 or total protection with NS&I .... all these accounts I am sure paying around 1% may be even 1.5% (that is the real news not the 75 to 85k change.)

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On 17/11/2016 at 8:49 PM, thewig said:

fcking Halloween, somehow this became a thing in our house this year, I reluctantly bought a few pumpkin and some sparklers and other nondescript TAT on the orders of the wife. god damit I hate these manufactured consumer events.

I still recall how back at Easter time they were reporting that "retail spending has been given a boost thanks to the increased demand for hot cross buns"... I honestly thought it was a joke, but no it was a genuine financial news story!

 

It shows just how completely f****d our economy really is when people buying a few extra hot cross buns can have a noticeable impact on retail sales figures!

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On 17/11/2016 at 8:49 PM, thewig said:

fcking Halloween, somehow this became a thing in our house this year, I reluctantly bought a few pumpkin and some sparklers and other nondescript TAT on the orders of the wife. god damit I hate these manufactured consumer events.

You did it all wrong. The English version of Halloween pumpkins (which we got ready for guy Faulks) were turnip lanterns. 

 

http://www.mysteriousbritain.co.uk/october/turnip-lanterns.html

 

after carving out one of these, the kids will no longer pester you. 

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"Mark Carney 'plans to keep Britain in EU single market until 2021', putting Bank of England on collision course with Theresa May over Brexit terms

The Governor of the Bank of England has held a series of private meetings with bankers and business leaders imploring them to demand that Britain has single market access after Britain leaves the EU in 2019, according to the Sunday Times."

http://www.telegraph.co.uk/business/2016/11/27/mark-carney-plans-keep-britain-eu-single-market-2021/

Just an independent technocrat, not political at all.

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