Thursday, Mar 08, 2007
BoE to 'wait and see'
FT.com: UK holds rates at 5.25%
Despite the fact that inflatiion is still above the government's 2% target, the MPC today voted to hold interest rates at 5.25%. This decision was probably influenced by the sell off in equities last week, and the fact that the chancellor's budget is due in a fortnight.
Posted by jellycaster @ 02:16 PM (140 views) Add Comment
4 Comments
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1. Rickyb said...
You have to seriously question the competence of some members of the MPC. For example if a member votes to hold rates at 5.0% in January, but the majority vote to raise to 5.25%, then surely the following month that member should vote to lower the rate back to 5.0%. Failure to do so would be an admission that you were wrong the previous month. Blanchflower has done this 3 times now, and on each occasion has failed to vote to lower interest rates the following month.
2. harold said...
Rickyb, very good point.
Just goes to show that Blanchflower's decisions are not based on hard economic 'facts' and figures, but on a politically motivated desire to keep the US/UK alliance going with cheap money. The guy is dangerous - and you and I are paying for him.
3. sirgoogle said...
Chickens
4. sirgoogle said...
Interactive chart was pretty good!