Wednesday, Apr 23, 2008
MPC minutes show disunity
BBC News: Bank split on move to cut rates
Six wanted a cut of 0.25%, two wanted no cut and Danny boy wanted 0.5%
Has there ever been a three way split before?
Posted by uncle tom @ 09:54 AM (667 views) Add Comment
6 Comments
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1. The Baldman said...
I see the idiot is still looking for a village!
2. paul said...
Disarray even I think.
The US contingent has never voted for anything but rate cuts. It is interesting that some want no cuts - perhaps they can see the current situation for what it is - an impasse between the commercial banking sector and the central bank, created mostly by the central bank.
3. pelethar said...
This should add up to no rate cut in May. By June hopefully the explosion in food and energy prices will have pushed up CPI to the point where they cannot get away with shoving through any further cuts. I'm sure the government were banking on them being able to get one or two more cuts in before CPI tops 3%.
4. uncle tom said...
I have this nagging feeling that Danny boy is always angling for the rate that would best suit the interests of the US rather than the UK
The rationale of putting an American on the MPC has always been a bit of a puzzle - he didn't appear exceptionally qualified for the job...
5. European-bear said...
I wonder if Danny Boy is a non dom with a big chunk of his salary paid to an offshore account. And also as an American he will be paying tax to the IRS as well as to the UK treasury (well maybe not the latter if he is a non dom). See how the British taxpayer is helping to pay for US public spending ......
6. Johnnyb said...
I think Danny always wants to cut more than everyone else basically, maybe he's on the payroll of Stuart Law who eternally wants rate cuts. A cut is fairly unlikely in the next few months since prices are going through the roof if the look at the real rate of inflation. Although the totally useless CPI doesn't tell us anything really, just that the price of iPods is falling. Better get that recipe for iPod soup.