Wednesday, Dec 17, 2008
Race to the bottom. Interesting times indeed.
Timesonline: Pound dives on prospect of steep UK rate cut
Sterling tumbled to a new low against the euro today after it emerged the Bank of England discussed making a steeper interest rate cut while analysts suggested the UK will follow the US Federal Reserve by making a sharp reduction to borrowing costs.
Minutes from December's meeting between the Bank of England's Monetary Policy Committee (MPC) revealed that members considered a larger rate cut than the eventual 1 per cent but held off for fear of causing an excessive fall in the exchange rate.
Posted by flintster1994 @ 01:46 PM (355 views) Add Comment
5 Comments
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1. Prudentman said...
£1 = 1.07.
Shocking. Maybe Osborne was right after all - Prudence is dead, my years of sweat and tears are going up in smoke as I look on helplessly. I dont even want to think about how much I've lost. Just for trying to do the right thing - cut down on buying things I dont need and save up for a house. Why not just pack it in and head for the dole queue and tax credits ?.
Can any of the experts on board please advice of what to do with whats left of my savings pot. Do I
1. Keep saving - arrrrggghh
2. Buy gold.
3. Buy stocks
4 Give it all away to a good cause etc.
Thanks
2. fjcruiser said...
Only option 1 cos you train to live frugally just in case!
3. bystander said...
.......and not one word of the pound now at 1.07 euros on either Sky news or BBC, only found out by looking at Bloomberg. Looks like the freedom of information act is like a teenagers hearing, "very selective".
4. plato said...
"Shocking!" Is the word, I'm afraid the only question is:- How much anyone can afford to lose from their savings/investments? Everyone will feel this to differing degrees and it really is bordering on criminal. It's nothing less than devaluation by the back door. Hopefully at some stage Sterling will be seen as undervalued, but this really is now just a hope.
People will soon be screaming to join the euro,which I'm sure is behind this. Then the euro will tank as eurozone economic problems are experienced and the truth comes out. Great!!! What next?
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