onesmallstep Posted May 28, 2011 Share Posted May 28, 2011 it'll all be rebalanced soon Spencer Dale, the Bank’s chief economist, said households would need to consume less and he indicated that interest rates would rise this year.He said he was worried about the persistently high levels of inflation and the weakness of the economic recovery. Mr Dale said that there were “relatively hard times ahead”. Mr Dale said: “What we’re going through is part of a rebalancing where in the economy as a whole we need to consume less … We need to invest more and export more to the rest of the world.“Part of the squeeze we’ve seen in real incomes is associated with that rebalancing, which fiscal policy can’t do anything to offset it's all under control you know, just work harder and pay more, they'll sort it all out for you. Quote Link to comment Share on other sites More sharing options...
TruraBuoy Posted May 28, 2011 Share Posted May 28, 2011 In whose favour? Quote Link to comment Share on other sites More sharing options...
eightiesgirly Posted May 28, 2011 Share Posted May 28, 2011 Of course it needs re-balancing, one of the wheels has fallen off. Quote Link to comment Share on other sites More sharing options...
the gardener Posted May 28, 2011 Share Posted May 28, 2011 Of course it needs re-balancing, one of the wheels has fallen off. I rather think all the wheels have fallen off. Quote Link to comment Share on other sites More sharing options...
eightiesgirly Posted May 28, 2011 Share Posted May 28, 2011 I rather think all the wheels have fallen off. Not quite, but soon, they are cobbled together with wet string and bog roll at the moment. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted May 28, 2011 Share Posted May 28, 2011 Tories are all words and no action. I guess thats at least one better than liebour, who seem yet to admit there is a problem and want to go back to a ponzi-housing based economy. Not that it makes much difference in practical terms. Quote Link to comment Share on other sites More sharing options...
billybong Posted May 29, 2011 Share Posted May 29, 2011 (edited) Britain faces bleak two years after feeble economic growth It would be great if the incompetent failures at the BoE could get their story straight just for once. It's only a short few years ago when the governor was saying that the next decade wasn't going to be a nice decade (taking it upto something like 2018) now the latest BoE crazy says just give it a couple more years so that would take it to 2013. It's not as if things have got any better over the last few years indeed according to the coalition after the 2010 election they found that things were much worse than they had ever expected. Edited May 29, 2011 by billybong Quote Link to comment Share on other sites More sharing options...
'Bart' Posted May 29, 2011 Share Posted May 29, 2011 Britain faces bleak two years after feeble economic growth On the plus side, the bank says that inflation will be lower in 18 months. True they did say that 18 months ago. And 18 months before that. And 18 months before that.... Quote Link to comment Share on other sites More sharing options...
200p Posted May 29, 2011 Share Posted May 29, 2011 Like er: "A cookie in each hand is a balanced diet" Quote Link to comment Share on other sites More sharing options...
Ruffneck Posted May 29, 2011 Share Posted May 29, 2011 wow geniuses well worth the 500,000+ salary per year Quote Link to comment Share on other sites More sharing options...
Errol Posted May 29, 2011 Share Posted May 29, 2011 They can start by 'rebalancing' the pay and pensions of the Bank of England idiots. Quote Link to comment Share on other sites More sharing options...
mattyfc Posted May 29, 2011 Share Posted May 29, 2011 Yawn, more self justifying rhetoric from the BOE. IR will not rise because of the effect on house prices. It is very simple, the BOE will not admit this as they are meant to fight inflation not support house prices. Instead we end up with BS like this from Dale which is nothing but propaganda to support IR decisions made over the last year. They are taking a massive risk as the same insane pre crisis behaviour begins to take hold, massive mortgages are taken out without anyone considering the risk of IR rising in the future. The whole thing becomes self fulfilling as more debt piles up, it becomes even harder to ever raise IR. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted May 29, 2011 Share Posted May 29, 2011 They can start by 'rebalancing' the pay and pensions of the Bank of England idiots. Plus they need to cut the £100bn annual subsidy to the City of London - welfare queens the lot of them. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted May 29, 2011 Share Posted May 29, 2011 Two bit spin merchants. The PR from this bunch of clowns is disgraceful. The economy is unbalanced due in large part to their current and previous actions. They have been meddling with the economy for ages and the more they have done do the worse the misallocation of capital and loss of real jobs becomes. Quote Link to comment Share on other sites More sharing options...
Mr Jib Fingers Posted May 29, 2011 Share Posted May 29, 2011 Plus they need to cut the £100bn annual subsidy to the City of London - welfare queens the lot of them. Is this true? I've not heard this before. Quote Link to comment Share on other sites More sharing options...
Snugglybear Posted May 29, 2011 Share Posted May 29, 2011 He's referring to Merv's boe research. You may find it on their site. (I thought it said £30bn pa though- still too much). Or perhaps worth following the links in Robert Peston's blog here http://www.bbc.co.uk/blogs/thereporters/robertpeston/2011/04/do_banks_use_10bn_subsidy_wise.html "As you will recall from earlier posts, Andy Haldane of the Bank of England calculates this subsidy to have been worth around £100bn in 2009 for the giant banks alone - and £57bn per year on average over 2007-9 for all British banks." More on Andy Haldane's figures here http://www.ianfraser.org/andrew-haldane-outlines-proposals-for-breaking-the-doom-loop/ The banks disagreed with the figures and commissioned an assessment from the consultancy firm Oxera, which came up with a much lower figure, £6 billion a year. * As Pesto says "Interestingly, the Independent Commission on Banking finds more fault with the assumptions built into Oxera's analysis than with those employed by Haldane." * As a wise man once said, there isn't a word for how unsurprised I am at that. Quote Link to comment Share on other sites More sharing options...
Olebrum Posted May 29, 2011 Share Posted May 29, 2011 A good start would be to shoot the bloody economists. Quote Link to comment Share on other sites More sharing options...
awaytogo Posted May 30, 2011 Share Posted May 30, 2011 it'll all be rebalanced soon it's all under control you know, just work harder and pay more, they'll sort it all out for you. To many people trying to live off so little manufacturing, country sinking under unemployment and benefits. Quote Link to comment Share on other sites More sharing options...
winkie Posted May 30, 2011 Share Posted May 30, 2011 It's all hunky dory. http://www.youtube.com/watch?v=CoutoEBXGng Quote Link to comment Share on other sites More sharing options...
awaytogo Posted May 31, 2011 Share Posted May 31, 2011 And? Simple arithmetic. If we can't make and sell more abroad, we have to import and consume less. That is Newton's Fourth Law. I think basic Maths have been lost in most walks of life as well as the Goverment. Quote Link to comment Share on other sites More sharing options...
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