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Yesterday's Times

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Apologies if this has already been posted, but the turn in media reporting continues...


"The risk is that the Bank of England, in its determination to stamp out inflation, may consider this temporary resilience in the economy as justification for increasing the cost of borrowing more than is really necessary, triggering an avoidable debt crisis and possibly even a house price crash.

Thankfully, though, this scenario is avoidable, but the Bank must sit on its hands for a while and give the rates rises it has already implemented a chance to work."

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Amazing the divergence of opinion that the broadsheets had in their main economic commentary in the business sections yesterday.Obviously David Smith(Times) was muted and against it.But I was surprised by the rubbish in the Telegraph,the yuppie business editor (who obviously has a large mortgage and I can't remember his name but obviously not Jeff Randall)was so outraged he said the member who tipped it in favour of the four June hawks should never sit on the committee again.Only Hamish McRae(Independent) talked sense saying it was overdue and 6% was in the pipeline for the autumn.

Edited by crashmonitor

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