Wednesday, Aug 15, 2007
Because inflation is so low LOL!
BBC News: Bank voted 9-0 to hold UK rates
It appears the MPC think that what is going on is a mere blip. Plus that inflation news is great too! Can someone please tell where to buy the rose tinted specs I see those MPC guys wearing.
Posted by symo @ 10:45 AM (195 views) Add Comment
29 Comments
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1. Surfgatinho said...
Pretty obvious they were going to vote for a hold. I think as soon as the markets wobbled it was a done deal.
I think what is important is that none of them voted for a cut so they realise we are not out of the woods yet. Another point is they would have been crucified if they had raised and then CPI was below target.
Hate to say it, but within their remit they probably did the right thing
2. Whiteknight said...
The market has decided for them.
It will make some more decisions for them shortly aswell.
3. Sweetfreedom said...
New to the forum; and watching all this with interest. Sold last autumn and now renting.
Sorry to say but I don't think you'll see a crash in England....I'd like nothing more than to see a huge correction with
the 'greedy types' getting their fingers burnt but I'm convinced now that it won't happen. People have the knowledge that NO MATTER WHAT HAPPENS, property will always bounce back and because of that most people will just hold on and ride any storms that come along.
Sure, their has to be some aggro just round the corner for the property market but we live in a property-obsessed country with people buying to rent houses for their children thereby indoctrinating them with the same ethos. The only solution is to emigrate and that might well be my next plan....
4. tyrellcorporation said...
Could there possibly be an election around the corner? - perhaps as early as October!!!
Nothing cheers the home-owning and indebted electorate like a freeze on IRs - hey presto, it happens (just as the rest of the World is raising rates).
5. Stoatgobbler said...
Come on guys. Central banks are pumping liquidity into the finacial system to stop it from falling over. I don't think they'll be raising rates to undo that just now, do you?
6. Cccbm said...
The pips are squeeking and inflation has dropped to 1.9%. I still reckon a rise to 6% is on the cards by October but with IR down to 5.5% within 5 months of that.is April 08
7. Tickock said...
tyrell,
You cynic!
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9. Vinchenzo said...
This is one that really bugs me because I fail to see how the tories should be able to kick Labours butt right now. Uncontrolled immigration, a useless home office, record HPI, nobody with a pension, public services creaking to a halt (another affect of immigration), parents funding their children's mortgages, a zillion new taxes, nanny state politics, industry has buggered off abroad, record personal debt, fudged employment figures, fudged Inflation figures, etc etc...
The tories need some decent spinners, because while the majority in this country seem happy to plough on increasing their debts it is going to be hard to convince people to vote different while they 'feel good'. So it is a hard job, but lets face it Cameron has to do better than his WebCameron and bleating on about the environment. "oooh look at me on a bike! vote for me I'm lovely, I'm like Blair, but Tory"....yeah, right, that's JUST what the nation wants....
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11. sold 2 rent 1 said...
I hate to say it.Bring back Blair.
His experience of war-mongering will be invaluable in the k-winter.
Only joking. Or am I.
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15. tyrellcorporation said...
I think Cameron needs to grow a spine and some balls very quickly! If he came out with some decisive policies over the next few months I'd probably go with the Conservatives. I had enough of New Labour long ago.
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18. Bubbles. . . . said...
he MPC still have to wait....and see nothing happens over night. Theres alot of unsureness out there of what is going to happen. We all have ideas but no one knows for sure. I like the way the MPC are playing this....Carefully as they dont know what effect US SUBPRIME is going to have here.
Anyway we have to keep this miracle Brown economy moving!! Its what we are all relying on for our jobs, to pay the mortgage!! If they fail they wont get in again for years the same as they did last time when they mucked everything up...They have learn't there lesson now..As our great PM said "NO MORE BOOM! AND BUST!!"
19. Connor said...
What a joke - how can there be a supermarket price war when Tesco enjoy record monopoly profits! How much do they contribute to the Labour party for this right??
The price of most things is going through the roof, a lot of which is Brown loading the cost of all public services onto the consumer or allowing private monopolies to flourish [fascism??] eg 9 price rises on passports, stealth taxes on powers of attorney, monopoly profits [and prices] on utilility bills, airport fees, congestion charges, increases to personal taxation and corporate taxes, oil price monopoly profits [with the oil price dropping 10% last week and the recent rise in the value of sterling - how come the oil pump price is unchanged???] etc etc and on and on the rip off of the UK continues.
The fact is the inflation figures are fiddled. Brown is carrying out the same war/Orwellian agenda as Blair. It will be all academic in 2 years time when the UK is abolished as it is assimilated into the [unelected] EU superstate [Resistance is Futile!]
20. bingo said...
It's been like this for years, there isn't anyone worth voting for, mainly because they ARE politicians... It is basically a single party system in this country because they are all chasing after the same middle of the road voter (whilst trying to appear compassionate)... Give me left/right politics and we know where we stand...
I wasn't too keen on the 'jock' comment though, I voted for Alex Salmond in the may elections up here and we all think it's pretty funny that England is ruled by a 'sweaty' with Scottish politicians making policy for you southerners and your lot have no say up here... My only problem is that we are not making the most of that situation...
21. Su said...
Despite some of the comments over the last day or two to the contrary, I do think food prices have been reasonably low recently. IMHO Lidl's prices have been superb with many price cuts on essential groceries. Excuse my ignorance, but being a German shopping chain, do their prices count for British inflation purposes?
22. Alan said...
The £ has dropped significantly from $2.06 to $1.98. Now that we are paying more for imports, just watch inflation go up.
Even dropping the price of Asda's "smart price" sausages won't save us..!
23. The Capitalist said...
Jock is supposed to be a nickname not an insult (like Cockney, Geordie, Taffie etc) funny the reaction one sees from those north of the border, and I speak as somone who had a glorious summer hols this year in Applecross and Plockton, and remain a fan of the Scots - no need for the "See U next Tuesday" insults!
24. planning4acrash said...
Cameron is keen to come up with policies, but the Tory back benchers are far to proud to be led, so progressive policies are moderated initially, or bizarely spun, like when John Redwood stood infront of a camera saying that more motorways would reduce CO2 emmissions because they would cut congestion and cars going at 50mph are more efficient than cars going 20mph, yes, that was said, then policies are humiliated and dropped in retrospect. There is no discipline in the party. It really does need to split into a progressive (combining conservative values with social and environmental progress) and a right wing conservative party (just vested interests of business men and the upper to upper middle classes). I'm pretty sure that a proportional representation system would cause a split, like when the extreme left wing part of the Labour party formed the SDP (was taht its name?). I think that split was the embryo of the current Labour resurgence, the Tories need a purge and to see how the country see's unmoderated Conservatism before they are able to be led to the mid ground, as Labour was when it dropped clause 4.
25. Ihopeitgoeswithabang said...
Could anyone have expected the MPC to have increased rates after this last week regardless of inflation. Hardly.
As for 1 months Inflation figures - its fairly meaningless isn't it? Hence the hold. I would think nobody has a clue and it very much reminds me of Bruce's Play Your Cards Right.
Higher - Lower - No higher - Hold!
The last week has shown if America sneezes we get the cold and it's sneezing quite alot.
26. stillthinking said...
@sweetfreedom I agree. Everyone will hang on so there will be no major crash unless you are prepared to wait further for a considerable chunk of your life. Only inability to pay will cause sellers.
27. voiceofreason said...
Emigrating will only help if you avoid the Anglo Saxon countries (US, Canada, Oz, NZ, SA) which have funnily enough all had massive property booms at the same time.
Didn't stop Gordon from taking all the credit for the world-wide phenomenon though...
28. dohousescrashinthewoods said...
I think we need leaders with balls. Looks to me like it's all made of hubris and counter-productive politicking.
Then again, if politics is a "market", like financial markets, where it's survival of the best-adapted, then we as a nation are the ones who bear responsibility for the traits of modern politicians.
29. enuii said...
Politics went wrong when it became a degree subject and a career opportunity for lawyers rather than a vocation. Bingo is spot on with the demise of the left/right thing, years ago everyone knew what each party stood for and they stuck by their principles. The current middle of the road mush with Labour especially behaving more like a one party fascist state than even the most extreme tory government could dream of.
Mrs T must surely be envious of the manipulative control and grip these clowns have exercised over this country.