Wednesday, Jun 20, 2007
Second time King outvoted
FT: BoE decision webcast
King worried that delaying rate rise now will force rates up much higher later. King obviously decided to be outvoted and his power is now questioned... will it lead to confrontation with Brown or King's resignation? obviously King will not want to chair an MPC that has let country inflation run out of control and consequent knee-jerk reaction to raise IR to 8%.
Posted by confused76 @ 11:52 AM (129 views) Add Comment
6 Comments
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1. Orwell said...
Couple of observations here:
1. I understand that Swerve has membership of the BOE Lawn Tennis Club - and this is a very swanky institution indeed with real quality grass courts (though admittedly not as good as Wimbledon) - so don't expect much from the BOE until the summer season is over (September / October 2007)?
He may act in August possibly when he realises that he has left it too long, but don't hold your breath!
2. Kate Barker and Blanchflower - do they have large property portfolios or something?
2. Orwell said...
Ironically, perhaps the more important article is that about Hammas (yes honestly)!
If oil prices go up then Swerves goose really will be cooked!
3. dohousescrashinthewoods said...
I guess he can say "I told you so"?
4. Whiteknight said...
Way too little, way too late.
They needed a committee that understood a few things and was ready to get the job done.
It is now "over". All that remains is the accelerating rapid rise of costs (which is a fall of wealth in real terms).
Gordon will need to smash and grab as well. Get use to that phrase "smash and grab".
5. Mr Minsky said...
In line with Gordon's transparency drive for MPC member selection, we should demand that members declare their personal/spouse/family mortgage debt and that their equity holdings are in a blind trust. I wonder how many are mortgaged to the gills and clearly conflicted. The latest minutes show that the 5 MPC members had concerns about slowing house price appreciation - is 10% PA too slow, or should it be 3.5% in line with their characterisation of inflation ?
6. sovietuk said...
What a shambles, the UK economy messed up because of the self interests of 5 public sector parasites.