Thursday, Jun 04, 2009
UK Base rate held at 0.5%
BBC: Interest rates remain unchanged
The Bank of England's interest rate setters have kept the cost of borrowing unchanged at 0.5% for the third month in a row. The Bank did not announce any fresh measures to stimulate the economy. Last month, the Bank of England announced it would be injecting an extra £50bn into the economy as part of its quantitative easing policy. Policymakers are trying to gauge how the economy is faring amid tentative signs of a recovery.
Posted by jack c @ 12:04 PM (944 views) Add Comment
5 Comments
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1. paul said...
I hope everyone sees the logica here.
House prices are not rising, so we must print more money to give to the banks to get mortgage rates down to get house prices rising again.
Or:
House prices are rising, so we must print more money to give to the banks to get mortgage rates down more to get house prices rising more.
2. jack c said...
Very good Paul, you might have heard Gordon's often repeated line of "we will do everything necessary" which ultimately extends to "we will do everything necessary to keep the property market afloat even if it means bankrupting the country"
3. refusetobuy said...
"The Bank did not announce any fresh measures to stimulate the economy. "
Initially I though, "Yay, this is good news"
Then I realised that the fact that a non-announcement is being reported is bad news.
Still, no printing means less inflation.
4. crunchy said...
1. paul, The logic is take no risks with the property market because if that sacred cow carries on falling we have lost the election for sure.
It's a two part nonesense...I don't care about Britian as long as I am in power.. and If I can't be the one in power I will screw it up for the
next person. The problem the way I see it is that we have politicians that really don't give damn about Britians future, just so long as they
are at number ten playing the role and calling the shots. It's a child thing, like playing with soldiers, but the child is still thinking that the
people and soldiers are plastic. There is another word for it.
5. mander said...
We are living the times when are stealing money from the children of working people. This is not business or capitalism this is feudalism.