[interestrateripoff]

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

Quote

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.

He's worth his salary isn't he.

Perhaps he might make a better comic than central banker.

This post has been edited by interestrateripoff: 27 March 2012 - 07:16 PM

[MrPin]

What? One extra day off an the World will turn to sh-it?

[Chuffy Chuffnell]

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.

This post has been edited by Chuffy Chuffnell: 27 March 2012 - 07:16 PM

[interestrateripoff]

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

Quote

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.

[shindigger]

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?

[Redcellar]

shindigger, on 27 March 2012 - 07:19 PM, said:

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.

This post has been edited by Redcellar: 27 March 2012 - 07:27 PM

[Ash4781]

More QE required?

[R K]

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.

[shindigger]

Red Knight, on 27 March 2012 - 08:07 PM, said:

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..

[Debbiebegood]

[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.

[satch]

Chuffy Chuffnell, on 27 March 2012 - 07:15 PM, said:

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.

[plummet expert]

Chuffy Chuffnell, on 27 March 2012 - 07:15 PM, said:

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.

This post has been edited by plummet expert: 27 March 2012 - 09:19 PM

[zugzwang]

His record speaks for itself.

[billybong]

Quote

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.

[billybong]

.

This post has been edited by billybong: 28 March 2012 - 09:45 PM