moonriver Posted May 12, 2010 Share Posted May 12, 2010 so far he has said... Downside of UK growth risks have "increased somewhat" "we are only part way through the financial crisis"... he is very pleased with Cameron government plans to accelerate deficit plans... "imperitive" UK fiscal issues tackled sooner rather than later... we have very large fiscal deficit.... MPC hasn't ruled out further asset purchases.. UK budget cuts may need to be "more demanding".. Quote Link to comment Share on other sites More sharing options...
pilchardthecat Posted May 12, 2010 Share Posted May 12, 2010 The denial is coming to an end. It will all now depend on whether the liberals have the stomach for reality. Quote Link to comment Share on other sites More sharing options...
Papa Serf Posted May 12, 2010 Share Posted May 12, 2010 Yeah its starting, the truth will out very quickly I reckon. Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted May 12, 2010 Share Posted May 12, 2010 so far he has said... Downside of UK growth risks have "increased somewhat" The risks haven't changed. What has changed is the acceptance of them. Quote Link to comment Share on other sites More sharing options...
Injin Posted May 12, 2010 Share Posted May 12, 2010 The risks haven't changed. What has changed is the acceptance of them. Surely "the government has changed to be even more banker friendly" ? Quote Link to comment Share on other sites More sharing options...
moonriver Posted May 12, 2010 Author Share Posted May 12, 2010 Yeah its starting, the truth will out very quickly I reckon. Yes, it hasn't taken them long to start bringing out the bad news since Brown has gone. I missed the beginning of this (King's inflation report) on Bloomberg now, but he is now being asked questions by an audience.(journalists?). Quote Link to comment Share on other sites More sharing options...
righttoleech Posted May 12, 2010 Share Posted May 12, 2010 Surely "the government has changed to be even more banker friendly" ? I heard that Vince Cable is to look after banks......if so they should not have it so easy. Quote Link to comment Share on other sites More sharing options...
neil324 Posted May 12, 2010 Share Posted May 12, 2010 Sky News just saying King has seen the outline of the coming budget and here he is saying 'it may need to be more demanding' Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted May 12, 2010 Share Posted May 12, 2010 (edited) Sky News just saying King has seen the outline of the coming budget and here he is saying 'it may need to be more demanding' That's great for Dave and Nick though. It means they have a "bad guy" to blame for the really nasty bits. "That Mervyn King is a nasty man, he forced us to make these cuts." Edited May 12, 2010 by redalert Quote Link to comment Share on other sites More sharing options...
scepticus Posted May 12, 2010 Share Posted May 12, 2010 I heard that Vince Cable is to look after banks......if so they should not have it so easy. vince said in a speech he made around the time of the last leaders debate that it would be necessary to tackle 'very powerful vested interests'. Hopefully he was talking about the banks and lord ashcroft/rees-mogg types. Quote Link to comment Share on other sites More sharing options...
indirectapproach Posted May 12, 2010 Share Posted May 12, 2010 Isn't Merv saying, "Deflation"? "Bank sees inflation undershooting target even if rates steady' http://uk.finance.yahoo.com/news/bank-sees-inflation-undershooting-target-even-if-rates-steady-reuters_molt-541ee8a615e7.html?x=0 Quote Link to comment Share on other sites More sharing options...
scepticus Posted May 12, 2010 Share Posted May 12, 2010 Isn't Merv saying, "Deflation"? "Bank sees inflation undershooting target even if rates steady' http://uk.finance.yahoo.com/news/bank-sees-inflation-undershooting-target-even-if-rates-steady-reuters_molt-541ee8a615e7.html?x=0 I think he is saying prepare for more QE and credit easing as the government cuts public jobs. Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted May 12, 2010 Share Posted May 12, 2010 Sending a message to the meerkats. Quote Link to comment Share on other sites More sharing options...
yellerkat Posted May 12, 2010 Share Posted May 12, 2010 Isn't Merv saying, "Deflation"? "Bank sees inflation undershooting target even if rates steady' http://uk.finance.yahoo.com/news/bank-sees-inflation-undershooting-target-even-if-rates-steady-reuters_molt-541ee8a615e7.html?x=0 Or is he saying "Printy, printy coming up", to coin a phrase? Quote Link to comment Share on other sites More sharing options...
AteMoose Posted May 12, 2010 Share Posted May 12, 2010 How long with Merv last? Wasn't he appointed by brown? Quote Link to comment Share on other sites More sharing options...
GordonBrownSpentMyFuture Posted May 12, 2010 Share Posted May 12, 2010 Downside of UK growth risks have "increased somewhat" Come again... Quote Link to comment Share on other sites More sharing options...
A.steve Posted May 12, 2010 Share Posted May 12, 2010 How long with Merv last? Wasn't he appointed by brown? He was... but I don't think the situation is as clear cut as you make out. Not long after the crunch hit, Downing St. 'went for' King, but King simply proved himself more professional, competent and capable than anyone in the Treasury. Brown was talking about not renewing King's contract - though he had no-one comparable to appoint. I watched carefully - King did not tow the cabinet's line and - in my opinion, subject to the limits of his remit, behaved in an exemplary manner. While I'm not sure about his political leanings, I recognise that he puts his responsibilities ahead of political objectives. Quote Link to comment Share on other sites More sharing options...
AvidFan Posted May 12, 2010 Share Posted May 12, 2010 Here' a bit of it: http://www.bloomberg.com/avp/avp.asxx?clip=mms://media2.bloomberg.com/cache/vWxyfIqFiCRA.asf&vCat=/video&RND=249031753&A= From: http://www.bloomberg.com/apps/news?pid=20601087&sid=ahlBDkZ_XJ.Q&pos=3 King Welcomes Cameron Deficit Plans, Stresses Growth Threat By Jennifer Ryan May 12 (Bloomberg) -- Bank of England Governor Mervyn King welcomed Prime Minister David Cameron’s plans to cut the U.K.’s budget deficit as the euro region’s fiscal crisis threatens the country’s economic recovery.../ Looks like he's onboard... Quote Link to comment Share on other sites More sharing options...
AvidFan Posted May 12, 2010 Share Posted May 12, 2010 http://www.bankofengland.co.uk/publications/inflationreport/irlatest.htm Webcast there too... Quote Link to comment Share on other sites More sharing options...
Injin Posted May 12, 2010 Share Posted May 12, 2010 Bankers win, economy dies, bankers die. New game is started. This bit is going to be really, really, really shit. Quote Link to comment Share on other sites More sharing options...
AvidFan Posted May 12, 2010 Share Posted May 12, 2010 Revised in May 12th report: Feb 2010 report: Quote Link to comment Share on other sites More sharing options...
moonriver Posted May 12, 2010 Author Share Posted May 12, 2010 Some comments Bloomberg just made when summing up King's speech... King had seen Cameron's budget plans, and Cameron had asked King to comment on them today. We are only part way through the financial crisis. banking crisis has got the potential to become a sovereign crisi. The deficit is the most single pressing problem for the UK now. Greece.. the EU financial aid isn't a total solution. it is crucial to prevent Greek contagion. £ weakening after this speech say Bloomberg. . King's "new era of openness" was mentioned by a journalist. When questioned King admitted that it might of been appropriates if Gordon Browns's plans to reduce the deficit had been more ambitious....it is now more ambitious with the new government.. King says this 2nd stage of how to handle crisis we are in will be difficult lengthy and painfull. Quote Link to comment Share on other sites More sharing options...
indirectapproach Posted May 12, 2010 Share Posted May 12, 2010 Mervyn King was Eddie George's deputy. So although King was a Blair appointee, it was succession from within the Bank, from the days before Labour got a taste for parachuting in lickspittle from goodness knows where. Despite King's failings, which are in my view severe enough that he should resign, calling King a Labour place man is unfair. Quote Link to comment Share on other sites More sharing options...
Hip to be bear Posted May 12, 2010 Share Posted May 12, 2010 Yes, it hasn't taken them long to start bringing out the bad news since Brown has gone. I missed the beginning of this (King's inflation report) on Bloomberg now, but he is now being asked questions by an audience.(journalists?). Heard trailers for and the beginning of YOU AND YOURS on R4 discussing the impact of the aftermath of the election. THe message seems to be: The age of austerity is upon us......forthcoming painful cuts.....the MSM is softening us up for the bad news. I wonder how many naive voters (of all allegiences) will be saying......" I didn't vote for these cuts, I voted for locking in the recovery, I voted for protecting spending, I voted for a vibrant growing economy!" Quote Link to comment Share on other sites More sharing options...
Reck B Posted May 12, 2010 Share Posted May 12, 2010 Come again... Quote Link to comment Share on other sites More sharing options...
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