Saturday, Oct 25, 2008
Interest rates will have to be cut without delay
Evening Standard via SOTT: Shock in the City as UK economy falls off a cliff
Meanwhile, City Minister Lord Myners admitted the Prime Minister had failed to give the Bank of England sufficient powers to ensure financial stability. He said: "The Bank has been hampered by the limited instruments available to it, which is one of the reasons we're proposing new legislation."
Posted by malct @ 10:29 AM (172 views) Add Comment
1 Comment
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1. Dr Ray said...
The BOE was stitched up.
Told to keep inflation within set limits but then the government decided how to measure inflation.
The BOE could do nothing about asset prices inflation because this was not included in the governments measure.
So we had rampant housing inflation while the BOE was still cutting rates