Flatdog

I share your exasperation RB. I heard the speech, same old same old, nothing of any real substance.

My apologies... Content of FT news item: Inflation concerns trigger pound rally By Neil Dennis Published: June 14 2010 11:42 | Last updated: June 14 2010 17:40 Sterling climbed on Monday after comments from Bank of England officials over the weekend highlighted concerns that inflation could stay higher for longer. Andrew Sentance, who sits on the Bank’s interest rate-setting monetary policy committee, said inflation had been resilient against pressures from unemployment and weakening consumer confidence, contrary to the MPC’s belief that spare capacity in the economy would bring prices down. “There must therefore be a high degree of uncertainty about its future impact,” he told the Sunday Times. “This highlights the issue of how long expansionary policy will remain appropriate.” Alistair Cotton at Currencies Direct said: “Mr Sentance suggested rates may rise as early as the second half of the year. Sterling is performing strongly . . . on the back of this news.” Investors also welcomed the news that state borrowing would fall more quickly than expected, the first findings of the newly created Office for Budget Responsibility. This offset the impact from the OBR’s other announcement – that economic growth would be slower than forecast by the previous administration. “The market is reacting favourably to these data given the borrowing numbers are improved, offering more comfort that the UK can work its way out of its fiscal problems,” said James Knightley at ING. Sterling hit a month high against the dollar, up 1.6 per cent to $1.4777. Against the yen, sterling was up 1.9 per cent at Y135.84. The pound climbed 0.4 per cent to £0.8296 against a stronger euro, but the single currency made up ground elsewhere in a trading environment that continued to favour risk. Having fallen to a four-year low of $1.1875 a week ago, the euro climbed to its highest level in eight sessions. It was up 1.1 per cent against the dollar to $1.2242 and climbed 1.4 per cent versus the yen to Y112.49. South Korea announced trading curbs on currency derivatives on Sunday. The won has had a volatile run since the measures were first mentioned in the Seoul press last week. It gained 2 per cent to Won1,221.20 to the dollar on Monday on relief there were no nasty surprises. The dollars of Canada, Australia and New Zealand were all stronger against their US counterpart. The loonie gained 0.7 per cent to C$1.0258, while the Aussie climbed 1.6 per cent to $0.8636 and the Kiwi added 1.4 per cent to $0.6992. There were some strong performances against the dollar among the currencies most geared to raw materials’ exports as prices on commodity exchanges rose. “The improvement in the risk backdrop led to broad-based dollar weakness an

http://www.ft.com/cms/s/0/8748d9b2-7791-11df-802a-00144feabdc0.html

For the record... Neither I nor any member of my family have any desire whatsoever to move to Wales.

Now there is a plan...

Brilliant post

Spot on, even if one takes the time to try and read between the lines...there is still absolutely nothing there.

Brand new Government, same old unintelligible schpeel.

+1 IMO the only redeeming point is that there was no mention of 'money from thin air'

Happy Clappy indeed...what peurile nonsense...I wonder how much this fellow is paid.

Obfuscation on a grand scale methinks. What exactly does it mean? Why, FFS, can't anyone in authority actually say something understandable?

Howdydoodee FP?

Should work wonders for your athsma TMT

Excerpt from Myners interview: "There is nothing progressive about a government that consistently spends more than it can raise in taxation and certainly nothing progressive that endows generations to come with the liabilities incurred with respect to the current generation." This travesty has been discussed on HPC for a few years now...seems that few bothered to listen. Why is it that Gordon Brown (ex PM..for those who forget, easily done) and cohorts are allowed to disappear into the undergrowth? They should be held accountable for their incompetence and not allowed to sit ,as they do, in smug opposition in the House of Commons.

It really is all a bit surreal.

A self sustaining recovereh?

Who exactly is it that this country would be paying 70 billion Pounds in interest to by 2015? Are they identifiable? Can we nuke 'em with the old Trident gizmos? Why is it all so freakin' complicated?

Up to 0.75 or even more I reckon. What else will let the reality kick in? I dream on...probably.

define real things Injin por favor (Lousy spelling)

24 hours on and still no evident understanding of how things work in Africa. Aid is welcomed with open arms, understandably so, peeps hop about and giggle as the lorries arrive bearing free stuff. They all think that the providers are unbelievably daft, but, hey, what the hell. Aid items (lanterns, wheat flour, cans of cooking oil, tractors, weird stuff like condoms, spare parts etc. ad infinitum) are all pooled into a Government controlled warehouse....and that is where reality starts. It is all sold to the highest bidder, end of story. Aid is a thriving industry in Africa...Malawi is able only to provide a third of it's requirements through exports, the balance is, you guessed it, foreign aid.

Great stuff, you do seem to be a 'thinking' person, happy days. It illustrates well what a huge nonsense our housing market is, it has nothing whatsoever to do with the true worth of property, but rather a ramped up and unsustainable perception of value.

Fair enough. I read this thread with interest, and presumably with considerably more experience of Africa than you.

Erm..your contributions have been misguided.

They already 'own' vast tracts of the most productive farmland in Africa.

I rest my case