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Diamond Jubilee To Hit Uk Economy, Says Mervyn King


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#1 interestrateripoff

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Posted 27 March 2012 - 07:10 PM

http://www.bbc.co.uk...siness-17530003

Sir Mervyn King, the Governor of the Bank of England, has said he expects the UK economy to contract between April and June due to the Queen's Diamond Jubilee bank holiday.

Speaking to the House of Lord's Economic Affairs Committee, he forecast a repeat of last year, when the Royal Wedding bank holiday hit output.


:lol: :lol:

He's worth his salary isn't he.

Perhaps he might make a better comic than central banker.

Edited by interestrateripoff, 27 March 2012 - 07:16 PM.

Proof that Brown had repeated IMF / OECD / BIS warnings over house prices and did nothing!!!
Looting: The Economic Underworld Of Bankruptcy For Profit
The exponential growth of debt and the unsustainability of debt
The logic of HPI @ 10% YoY means your £100k house would be worth £1.38bn in 100 years
Paying down my mortgage with money found on the street

It's time to sue the Bank of England / Federal Reserve for GROSS NEGLIGENCE
If DEBT is the problem REPAYMENT is the solution or you default

 

"The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something."

"Northern unemployment is an acceptable price to pay for curbing southern inflation" Eddie George former Governor of the Bank of England

New digest on the credit crisis and economy Part2 Part 3

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#2 MrPin

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Posted 27 March 2012 - 07:13 PM

What? One extra day off an the World will turn to sh-it? :o :blink:
Ignorance can be cured! Stupidity cannot!

#3 Chuffy Chuffnell

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Posted 27 March 2012 - 07:15 PM

It's such utter nonsense.

Yes there's an extra bank holiday... but on that day people will be spending. Indeed for many it'll be one of the busiest and most profitable weekends of the year! And there's the additional tourists, global publicity for the UK, etc, like with the Royal Wedding.

Edited by Chuffy Chuffnell, 27 March 2012 - 07:16 PM.


#4 interestrateripoff

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Posted 27 March 2012 - 07:18 PM

http://www.telegraph...ervyn-king.html

Britain's top economist said the Bank's monetary easing programme is not as bad for the value of pensions as has been claimed.

In a hearing at the House of Lords on Tuesday, he admitted he could not rule out an extension of QE, which was increased by £50bn in February to a total of £325bn.

Sir Mervyn said the falling value of pensions was not the fault of the extra stimulus. "I'm concerned about what has happened to the pensions industry and defined benefit pensions but I think they reflect a wider set of issues. The decline cannot be laid at the door of our programme.

"It might not have had quite such as big an effect as some people think."

Sir Mervyn also risked raising tempers in the City by moralising over the fact many bankers are motivated purely by money. "One of the most depressing things about some parts of the financial sector is that people seem to think their main objective of being in it is to earn enough money in order to leave it – as opposed to finding satisfaction and a life-long career within it," he said.


Although I will say the pension problems are ponzi.

Proof that Brown had repeated IMF / OECD / BIS warnings over house prices and did nothing!!!
Looting: The Economic Underworld Of Bankruptcy For Profit
The exponential growth of debt and the unsustainability of debt
The logic of HPI @ 10% YoY means your £100k house would be worth £1.38bn in 100 years
Paying down my mortgage with money found on the street

It's time to sue the Bank of England / Federal Reserve for GROSS NEGLIGENCE
If DEBT is the problem REPAYMENT is the solution or you default

 

"The trouble with the world was that prices were so low that only the rich people could buy and the aim of the Conference was to raise them to a point where it would again be possible for poor people to buy something."

"Northern unemployment is an acceptable price to pay for curbing southern inflation" Eddie George former Governor of the Bank of England

New digest on the credit crisis and economy Part2 Part 3

smaller.jpg


#5 shindigger

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Posted 27 March 2012 - 07:19 PM

We've long since passed the stage where Chris Morris type headlines have become the norm on mainstream news.
Firmly in to Daily Mash territory here.
It may as well be lead story on BTN from V for Vendetta.

Pathetic.
******ing pathetic.
Are people really buying this warmed up shiyte any more?
If you want a cheaper house, vote Labour in 2015.

#6 Redcellar

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Posted 27 March 2012 - 07:27 PM

We've long since passed the stage where Chris Morris type headlines have become the norm on mainstream news.
Firmly in to Daily Mash territory here.
It may as well be lead story on BTN from V for Vendetta.

Pathetic.
******ing pathetic.
Are people really buying this warmed up shiyte any more?


Yes.
By the bucket, or should I say toilet, load.

Farcical.

Edited by Redcellar, 27 March 2012 - 07:27 PM.

Allegedly.

#7 Ash4781

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Posted 27 March 2012 - 07:28 PM

More QE required?

#8 R K

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Posted 27 March 2012 - 08:07 PM

Mervyn is nothing if not rigorously thorough with his data.

Which means he wouldn't say this if he didn't have the stats. to back it up.

Which means he's correct.


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#9 shindigger

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Posted 27 March 2012 - 08:22 PM

Mervyn is nothing if not rigorously thorough with his data.

Which means he wouldn't say this if he didn't have the stats. to back it up.

Which means he's correct.



Does he have an influence on how the "data" is, collected,manipulated, and interpreted?
Genuine question. I can't be bothered to look.

PS. I bet he does..
If you want a cheaper house, vote Labour in 2015.

#10 Debbiebegood

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Posted 27 March 2012 - 08:28 PM

[quote name='interestrateripoff' timestamp='1332875408' post='909001279']
http://www.bbc.co.uk...siness-17530003



Just heard it on the news.Unbeliavable.What an im***il.
What a lousy excuse for a dismal state of the economy (to which he also contributed),and he is supposed to be the best of UK banker's brains.You could not make it up. :ph34r:

#11 satch

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Posted 27 March 2012 - 08:28 PM

It's such utter nonsense.

Yes there's an extra bank holiday... but on that day people will be spending. Indeed for many it'll be one of the busiest and most profitable weekends of the year! And there's the additional tourists, global publicity for the UK, etc, like with the Royal Wedding.

eh, extra day in February this year. Did GDP soar in February??? What an idiot Merv is.
George Osborne July 2013; 'I don't think in the current environment a house price bubble is going to emerge in 18 months or three years.' Mark Carney September 2013; ' ... there has been an improvement in prices and activity (talking about the housing market) Osborne to cabinet as quoted in the Indie October 2013; "Hopefully we will get a little housing boom & everyone will be happy"

Osborne says; “Printing money is the last resort of desperate governments when all other policies have failed.”

George Osborne December 2008; “Savers and pensioners are the forgotten victims … They are innocent bystanders and it’s simply not good enough for the Government to walk on by."

In his 1997 Budget speech, Gordon Brown said, "I will not allow house prices to get out of control and put at risk the sustainability of the future". He went on to say that he did not want a return to "instability, speculation and negative equity" of the 1980's and 1990's.

#12 plummet expert

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Posted 27 March 2012 - 09:16 PM

It's such utter nonsense.

Yes there's an extra bank holiday... but on that day people will be spending. Indeed for many it'll be one of the busiest and most profitable weekends of the year! And there's the additional tourists, global publicity for the UK, etc, like with the Royal Wedding.

What alot of rubbish the Governor does spout! The Jubilee will, just like the Royal wedding, give us a mini boost and the growth figures will have be better than without it.

OR IS IT LIKE THIS? : I think the British economy will contract because there's leaves on the line init and all the jobs are being taken by people who want to work. "Is it coz i is british?" asked a 24 year old man from the midlands who has yet to land his first job. He did a one day trial in a cafe and lost out to a polish man. He then stuck it out on benefits for another year until someone told him he'd be cut off from JSA if he didn't sign on by 10am. He ran to the office so fast it was unbelieveable. But it did take 3 days kip to get over it after. When asked if inflation affected him he said, "If you don't hold the pump right the bed just goes down dunit".
Surprising what happens to people even when they have 5 GCSE's at grade C or above.

Edited by plummet expert, 27 March 2012 - 09:19 PM.


#13 zugzwang

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Posted 27 March 2012 - 10:33 PM

His record speaks for itself.

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#14 billybong

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Posted 28 March 2012 - 01:34 AM

Sir Mervyn said the falling value of pensions was not the fault of the extra stimulus. "I'm concerned about what has happened to the pensions industry and defined benefit pensions but I think they reflect a wider set of issues. The decline cannot be laid at the door of our programme.

Of course not. For sure someone else was to blame.

#15 billybong

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Posted 28 March 2012 - 01:45 AM

.

Edited by billybong, 28 March 2012 - 09:45 PM.





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