Sunday, Feb 11, 2007
BCC tries to deter future rate rises
BBC News: Rate rise 'could hit UK growth'
The British Chambers of Commerce said UK growth could decline below 2%, if BoE raises rates to 5.5% in the coming months.
Posted by nearly30 @ 09:52 PM (171 views) Add Comment
14 Comments
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1. enuii said...
I think it may well decline below 2% without any further rate rises as most of the past growth has been on the back of the property market and borrowed money.
2. Nohpc said...
Obviously they have a vested interest in rates staying low but I think they are probably right in this instance.
3. george monsoon said...
A recession is inevitable. My heart goes out to all those property developers and MEW'ers across the nation....NOT!
4. sovietuk said...
Every attempt being made to protect the sanctity of the property dominated programme schedules
5. paul said...
Oh, yes. Historically the BBC has never been particularly interested in the BCC until they start bleating in the same falsetto.
Even if CPI temporarily goes down, RPI (which includes mortgage costs) will keep rising and rising, which will in turn fuel wage settlements and drag the CPI along.
Rate rises won't so much affect growth as crash the housing market - that's what the BBC are really squealing about.
6. headmelter said...
If the housing market was to crash what would they replace all those cheap to produce property porn programmes with?
7. inflation is eating my savings said...
>If the housing market was to crash what would they replace all those cheap to produce property porn programmes with?
Lots more programmes where minor celebrities reflect upon TV programmes and pop music from the past.
8. bidin'matime said...
>If the housing market was to crash what would they replace all those cheap to produce property porn programmes with?<
I don't know why they couldn't have just gone with the orginal plan - which was to leave out the word 'property' altogether..!
9. talking rot said...
>If the housing market was to crash what would they replace all those cheap to produce property porn programmes with?<
Lots of programme which tell people how to manage vast debts without their homes being repossessed. A new line for Krust and Phil?
10. Countdown2007 said...
How about a new TV show with the name : "Reposession, Reposession, Reposession"!!!
11. Laksaboy said...
Maybe Kirsty & Phil can go in the big brother house : )
12. dohousescrashinthewoods said...
I'm sure I have already seen a few features in the papers along the lines of "10 easy steps to get out of debt".
I guess they are sponsored by a warm fuzzy IVA company.
(or am I too cynical?)
13. Nohpc said...
Personally a recession would be okay for property owners not having to sell as they would be likely to see low interest rates so as long as they can hold onto their incomes their mortgages will be low. Would be a good time to pay the mortgage off as fast as possible.
14. d'oh said...
Problem is Nohpc, is that you have ot hold onto your house during the preceeding period of high interest rates.