Tuesday, Nov 27, 2007
Tighter Monetary Policy to come
Reuters, Der Spiegel: Bank of England sees more market jitters
With concern about the property market in the UK and US the focus of Germanys "Der Spiegel" (who write interest rates could rise to 10%), is the latest announcement by the BofE an indication of times to come?
Spiegel source article 25th November, http://www.spiegel.de/wirtschaft/0,1518,519517,00.html
Posted by growler @ 04:30 PM (629 views) Add Comment
8 Comments
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1. dohousescrashinthewoods said...
I've just had the weirdest automated-voice phone call - talking about a "little known" "government initiative" to write off debt and "pay just what you can comfortably afford" if you're in "more than £5000 in debt and have a regular income". I hung up when it asked me to "press 5 to talk to one of our advisers".
Is it a scam? Probably. Is it genuine fear on behalf of the government? Just possibly. Is this the next big thing after sell-and-rent-back? Who knows. I thought I'd post it asap and ask if anyone else had a similar call?
2. An Bearin Bui said...
Thanks for the Spiegel article - good to see that some publications (other than the FT) still utilise facts and analysis in weighing up the markets. This article, translated, would be like a bombshell in the UK. It's much more hard-hitting than the softly, softly approach that is common in the UK press.
Also love the way the article starts: "Hamburg - Arme Briten:...." - Britons? Poor? But they own their own homes and have BTL properties whereas the Germans just rent?? How can an owner-occupier country be poorer than a renting-based country?? Does not compute [cue average British person's head blowing up at awfulness of concept of a homeowner being poorer than a renter]
3. Landedgentry said...
If you press #5, you'll be charged a tenner a minute.
4. dohousescrashinthewoods said...
Sorry, off-topic, but Brown is refusing to attend a summit that Mugabe has been invited to, citing that Mugabe has destroyed the society and economy of his country.
I respect Brown's stance.
However, Mugabe could probably turn the comment back on Brown and make an uncomfortably astute point.
5. Root said...
dohousescrashinthewoods, I've had that (amoungst other automated calls) to one of the lines that ends up on my desk and I assumed they were talking about IVA's?
6. drewster said...
@dhcitw: The call you received would be from a company trying to arrange you an IVA. They get fat commissions from doing so. Not a scam per se, but not worth paying a company thousands when you can download the necessary forms from the internet. Nothing to do with the government.
About the article.... The real question is, why is Charles Bean of the BoE's MPC coming out with this statement now? What does he, the bank, or the government have to gain by announcing that "Financial markets will take time to settle down and the turmoil could spread to stocks and commercial property"? Is the BoE trying to incite more panic??!!
7. Growler said...
I think the BofE are trying to avoid having to do something by creating the feeling they might increase interest rates.
8. Growler said...
@ An Bearin Bui: <>
With home ownership levels as they are in the UK, it stands to reason that a goodly proportion of journalists themselves are sitting on a mortgage. If your editor/paymaster can influence your writing, how powerful is the mortgage you have? ;-)