Wednesday, Jun 23, 2010
Considerations
Bank of England: Minutes Of The MPC Meeting 9 And 10 June 2010
33. The Governor invited the Committee to vote on the proposition that:
Bank Rate should be maintained at 0.5%;
The Bank of England should maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.
Seven members of the Committee (the Governor, Charles Bean, Paul Tucker, Spencer Dale, Paul Fisher, David Miles and Adam Posen) voted in favour of the proposition.
Andrew Sentance voted against, preferring an increase in Bank Rate of 25 basis points.
Posted by dill @ 10:27 AM (923 views) Add Comment
7 Comments
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1. uncle tom said...
My prediction for next month is another no change decision, but with a degree of signalling in the minutes that a rise is not far away.
I don't think Mr Sentance is playing the "I'm Danny, I'm different" card - he is just a little ahead of the curve.
There is quite a good prospect of an August hike, but they might hold off a month or two more..
2. tom101 said...
Even leading up to VAT hike inflation figure should remain pretty high right?
3. mark said...
this was sent to me via email, not sure if it is genuine, if it is it explains a lot
WHO IS THE ODD MAN OUT - and more importantly - WHY??
Lord Stevenson: FORMER chairman, HBOS
Sir Fred Goodwin: FORMER chief executive, RBS
Andy Hornby: FORMER chief executive, HBOS
Sir Tom McKillop: FORMER chairman, RBS
John McFall MP: chairman of Treasury Select Committee
Alastair Darling: Chancellor of the Exchequer
Gordon Brown: Prime Minister and former Chancellor of the Exchequer
Sir Terry Wogan: FORMER presenter of Radio 2's Breakfast Show
IF you're thinking
Sir Terry Wogan,
THEN you're right.
However, the reason may surprise you...
Terry Wogan is the only one out of this motley crew who actually holds ANY formal banking qualification.
Worrying, isn’t it!
4. simon68 said...
HBOS, RBS Chairs & Chief Executives, they have vested interested in it……………..due to conflict of interests should not be nominated to take up any role in MPC.
Of course, banks would like to widen interest spreads (pay no interest to depositors & charge highest interest to borrowers) so as to enhance their profits.
5. nomad said...
That's settled then. Terry Wogan to be the next adoptee to the MPC.
6. peter said...
Well done Mr Sentence!
At least one member of the MPC still seems to have a few working brain cells left.
7. 51ck-6-51x said...
mark,
I've seen that mail before, and thought I'd check...
From browsing the net I see that Terry's academic pinnacle was to finish secondary education at Belvedere at the age of 17, after which he started a career in banking.
As for the rest...
Lord Stevenson: MA - Kings, Cambridge
Sir Fred Goodwin: Law - Glasgow (reached Partner)
Andy Hornby: MA - St. Peter's, Oxford; MBA Harvard Business School
Sir Tom McKillop: BSc - Glasgow; PhD - Glasgow
John McFall MP: BSc - Paisley College of Technology; BA - Open University; MBA - Strathclyde
Alastair Darling: Law - Aberdeen (reached Solicitor then swapped over to reach Scottish Advocate)
Gordon Brown: MA - Edinburgh; PhD - Edinburgh
So, the others beat Terry hands down academically - although we should take note that academics is certainly not the yardstick to use here.
Of course there is still the chance that Terry got some formal banking qualification not mentioned in my, no doubt incomplete, sources whist working in banking, maybe some banking administration certificate or something equally useless for a bank chief or treasury minister to hold.
After researching this I feel the most qualified for banking would be Goodwin followed by Hornby
...by which yardstick it would appear that it is MORE dangerous for a banking chief to understand banking!
---
"matzohs both" - crackers indeed.