Are You Angry At Interest Rate Cut?

[TeddyBear]

for those that are angry about the interest rate cut - maybe you could all post in this thread (with reasoned views!) and we could then get it sent over to MPs BOE etc?

I for one am angry - this is going to encourage people to spend money they don't have for Xmas now. It will erode the savings of the responsible with increased inflation. It will make saving for a deposit even harder for people who will see their savings rate cut along with inflation decreasing the savings' value.

Truly disgusting that the BOE can claim to only target inflation and then do this.

[catara]

for those that are angry about the interest rate cut - maybe you could all post in this thread (with reasoned views!) and we could then get it sent over to MPs BOE etc?

I for one am angry - this is going to encourage people to spend money they don't have for Xmas now. It will erode the savings of the responsible with increased inflation. It will make saving for a deposit even harder for people who will see their savings rate cut along with inflation decreasing the savings' value.

Truly disgusting that the BOE can claim to only target inflation and then do this.

I am very angry but so are many savers from USA or Canada.

Edited December 6, 2007 by catara

[Wait & See]

for those that are angry about the interest rate cut - maybe you could all post in this thread (with reasoned views!) and we could then get it sent over to MPs BOE etc?

I for one am angry - this is going to encourage people to spend money they don't have for Xmas now. It will erode the savings of the responsible with increased inflation. It will make saving for a deposit even harder for people who will see their savings rate cut along with inflation decreasing the savings' value.

Truly disgusting that the BOE can claim to only target inflation and then do this.

Merv has no backbone - official!!

Inflation's got nothing to do with the BOE these days it seems.

[Joey Buttafueco Jr]

I am very angry but so are many savers from USA or Canada.

I think it was the wrong thing to do, but at the end of the day, what influence do I have, and taking a purely selfish view, it can't be bad for my mortgage or stock market

[munimula]

for those that are angry about the interest rate cut - maybe you could all post in this thread (with reasoned views!) and we could then get it sent over to MPs BOE etc?

I for one am angry - this is going to encourage people to spend money they don't have for Xmas now. It will erode the savings of the responsible with increased inflation. It will make saving for a deposit even harder for people who will see their savings rate cut along with inflation decreasing the savings' value.

Truly disgusting that the BOE can claim to only target inflation and then do this.

It makes my blood boil.

House prices rise 300% over 10 years and that is no way factored into interest rate setting.

House prices fall by a couple of % and interest rates are dropped - IN THE FACE OF RISING PRESSURE ON INFLATION!!

The BoE targets house prices - they've made that perfectly clear by following the exact same pattern of Aug 2005 when inflation (CPI) subsequently went over the 3% target and RPI knocked on 5%.

Prepare to have your disposable income eroded even further as this is the option the BoE have taken. Higher inflation in an environment where companies will not be matching inflation with wage rises.

Edited December 6, 2007 by munimula

[FrozenOut]

Repeat after me:

Must support asset prices Must support asset prices Must support asset prices Must support asset prices Must support asset prices etc

[Leonard Hatred]

Not angry - excited as to how they're going to cover up inflation.

And anyway, I won £3.20

[Charlie Don't Surf]

I'm happy because I guessed right (and bet on it)! Now just have to keep my fingers crossed the ECB don't cut.

Hey, what's the state of the entire economy matter when I could have made a few hundred quid!

[Tiger Woods?]

Merv has no backbone - official!!

Inflation's got nothing to do with the BOE these days it seems.

Disgusted. Absolutely disgusted. Will be interesting to see how the vote went.

[OzzMosiz]

As soon as there is a blip in house prices, they cut.

I am furious. They did nothing to stop it growing out of control

[PropertyFag]

I'm happy because I have a tracker mortgage!

[Moo]

The part of me that's a saver is hacked off.

The part of me that expects a serious decline in house prices over the next few years is, as it was before, very neutral. One cut is one cut. Let's see what happens in January.

Furthermore, let's see what happens to all those lovely graphs we enjoy watching. I strongly suspect that this cut is so "priced in" that it'll have very little effect on the bigger picture.

[Bug16]

Angry? Nah. I actually burst out laughing when I saw the result. The BOE are truly lapdogs of Gordon.

Oh well, I always fancied paying £10 a pint..

[sdc395]

Angry? I'm suffering a nasty combination of fury and disappointment. The BoE clearly does not target inflation. It targets public opinion. Hello inflation, goodbye savings.

I'm sick of acting responsibly with my finances. I'm off to apply for as many credit cards as I can, run up a huge debt and then ask Alistair Darling to pay them off for me. I'm confident he'll arrange something to bail me out.

:angry:

[Jason]

Yes, I'm pissed off.

Tell the Bank of England what you think: http://www.bankofengland.co.uk/contact.htm

Their job is to target inflation, not the financial sector. If this becomes serious enough to seriously threaten the economy, lets see the BoE and FSA saying how wrong they have been over the past 5 years!!!

[mallory]

i'm a bit p1ssed off that it took LloydsTSB all of 8 f*cking minutes to tell me my online saver account interest has been cut by .25%

8 MINUTES????

how desperate for cash are they?

[PropertyFag]

Yes, I'm pissed off.

Tell the Bank of England what you think: http://www.bankofengland.co.uk/contact.htm

Yeah, that should make them change their mind.

Do it!

[Guest Bart of Darkness]

Actually I'm quite calm (amazingly). Thanks Merv, Danny and the rest, you've made my future financial decisions so much easier, 'cos I know I can rely on you.

To be spineless, ineffectual and to bow to whoever shouts the loudest.

Thank you one and all.

[A.steve]

Dischuffed - but not angry. I think it was inevitable.

The BoE's remit is not, contrary to what some in this thread have suggested, solely to target CPI - it is also required to target unemployment...

I think that this cut became necessary after US interest rates cuts... at least we didn't drop by 0.5% straight away.

[brolly]

Yes. 'Cos it appears to reward profligacy and greed.

[Smarter than the average bear]

Not angry. Glad, as I'm sure many other are, to see the end of the current cycle of rate rises.

[munimula]

i'm a bit p1ssed off that it took LloydsTSB all of 8 f*cking minutes to tell me my online saver account interest has been cut by .25%

8 MINUTES????

how desperate for cash are they?

Seriously!!?? How did they let you know?

[Levy process]

No I'm not angry about it.

My feeling is that people are generally now worried enough about the economic future, and this itself will have a depressing effect on all types of spending. If this IR cut is what is needed to avoid a collapse in the economy, then it makes sense. I haven't seen enough to make me think that it will cause any further problems, and I suspect things are slowing enough on their own to merit it. All IMHO.

[benj]

Not angry at all.

Post hoc, ergo prompter hoc?

I think people on this forum are too quick to make the connection between the beginning of the downtrend in house prices and this rate cut. Since the last rate decision the OECD and other big institutions have revised their growth forecasts for the UK economy down massively.

This cut will make inflation a bit worse, mostly because it will make our imports more expensive, but it's not going to inflate (or re-inflate) any asset price bubbles. I am looking forward to headlines next year saying "house prices continued to fall, despite cuts in the Bank of England's base rate". Then it might finally sink in. People here criticize the general public for believing that IRs are set purely to influence mortgage rates, but now they're making the same mistake themselves.

[Vespasian]

It`ll make no difference, we have hit the iceberg and they`ve just switched on another pump