Sunday, Dec 14, 2008
It will intervene to prop up reckless borrowers and an overvalued housing market!!!
The Times: Britain 'will not intervene to prop up pound'
Yvette Cooper, Chief Secretary to the Treasury, said that attempts by previous administrations to target exchange rates had been unsuccessful. The Government will continue to plot a course aimed at keeping inflation under control and supporting the economy, she said.
Officials say that with inflation falling sharply the kind of interest hikes that might bolster sterling would be completely inappropriate at a time when the Government is intervening to support the economy.
Posted by cheekie charlie @ 09:28 PM (981 views) Add Comment
8 Comments
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1. icarus said...
And previous attempts to prop up lame ducks during recessions have been unsuccessful, but that doesn't stop this government from trying it.
2. crashpad4me said...
Factoring in the pretty obvious assumption that falling sterling = soaring import costs = inflation, the corollary of Ms Cooper's comments would seem to be that the government is expecting some pretty spectacular deflation. So how much further do they want sterling to fall?
3. mark wadsworth said...
HI! I'm Yvette Cooper.
4. mark wadsworth said...
This is my husband, Ed B*ll*ockface.
Further discussion here and here.
5. paul said...
He's got such a punchable face.
6. paul said...
I'm coming to get you!
7. paul said...
I hate Ed Balls and Yvette Cooper - they have both connived their way to keep house prices high in this country, not to mention their deception over expenses:
"In September 2007, with his wife Yvette Cooper, he was accused of "breaking the spirit of Commons rules" by using MPs' allowances to help pay for a £655,000 home in north London.[16] It was alleged that they bought a four-bed house in Stoke Newington, north London, and registered this as their second home (rather than their home in Castleford, West Yorkshire) in order to qualify for up to £44,000 a year to subsidise a reported £438,000 mortgage under the Commons Additional Costs Allowance. This is despite both spouses working in London full-time and their children attending local London schools. Through a spokesman, Balls and Cooper countered the allegation by saying "The whole family travel between their Yorkshire home and London each week when Parliament is sitting. As they are all in London during the week, their children have always attended the nearest school to their London house."
http://en.wikipedia.org/wiki/Ed_balls#Allegation_over_allowances
8. crunchy said...
The pound is falling off a cliff. SO WHAT!
Gordon Brown is falling off a cliff. SO WHAT!
Stock market is falling off a cliff. SO WHAT!
House prices are falling off a cliff. SO NOT!