Wednesday, Jun 21, 2006

MPC voted 7-1 to hold rates at their June meeting

Bank Of England: PDF: Minutes of the Monetary Policy Committee June 2006

Those voting to hold were: The Governer, Rachel Lomax, John Gieve, Kate Barker, Charles Bean, David Blanchflower, Paul Tucker. David Walton preffered an increase of .25 basis points.

Posted by denzil @ 10:25 AM (502 views)
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6 Comments

1. harold said...

The Governer has made it pretty clear which way he will be voting in July/August, the rest are likely to soon follow suit.

Wednesday, June 21, 2006 12:47PM Report Comment
 

2. tyrellcorporation said...

About bluddy time too!The August rate cut last year was a disaster decision and ol' Mervyn has pretty much said as such...

Wednesday, June 21, 2006 02:39PM Report Comment
 

3. talking rot said...

Whoopeee. We might get a 0.25% increase in Base rates. This is sadly insufficient to cause a HPC. We've been at 4.75% before and it did little more then slow the market. Sorry Cassandras, this will not cause a crash.

Someone wake me up if interest rates ever get to 5.5%

Wednesday, June 21, 2006 03:52PM Report Comment
 

4. harold said...

Actually, on reflection I'd like to revise my comment above. What has come to light recently is that the chancellor largely dictates MPC membership and therefore whatever Merv might think it is unlikely that the rest of the MPC will vote to rise until given the nod by their master. GB will not give the nod until the situation (inflation/ weakness) is truly dire. The MPC is NOT independent of government at all; it is a fanciful notion to think that the government could behave with such equanimity. GB probably won't care about inflation (and peoples' savings), it will therefore be up to the whims of the money markets to bring him to his senses - how sad is that?

Wednesday, June 21, 2006 03:53PM Report Comment
 

5. Sirgoogle said...

Nah. They will do something stupid like cut interest rates to "boost the economy". They really need to make sure that the young people stay subservient through mega-debt or renting out those BTL properties that all the people who are the age of the MPC members most probably own. In addition the greedy "baby boomers" simply do not give a monkeys for the next generation (including their own grandchildren). The crazy free market that their governments have created on homes is denying many many young families the start that they had.

rant rant rant. I really hate this situation. Everybody's lives are on hold.

Wednesday, June 21, 2006 08:23PM Report Comment
 

6. Geed said...

Sirgoogle; you hit the nail on the head. My life would have been on hold for the last 6-7 years except I chose to emigrate to Australia 2-3 years ago (crazy house prices was one of the major reasons that pushed us out). I have dual nationality so the move was to see how my girlfriend and I fancied living long term in Australia. We now would like to move back (various reasons) as although Australia is definitley where we will end up, it will be some time in the future.

Trouble is in our absence the UK housing market has gone from silly to a state in which I cannot find a word to describe it in the English language. I am absolutely dumbfounded by the value of homes not only in the larger cities of England but rural areas of Wales of which I am native. We could buy in Australia as although house values have increased massively over here in the last few years, they have generally either locally reached a plateau or reduced slightly. We also still feel that we would be buying a property which is "worth" the asking price, in essence we would get much more for our money. It is different here, there is no land shortage, there is a steady stream of new developments and there are less people to house.

I cannot imagine paying 130000 pounds for an ex-terraced council house, NO way! But what do you do wait a year, 2, 3 years and see what happens. I've already put off buying for 6 years now because extortionate prices but up they go, higher and higher. If I'm lucky I may have 80 years on this planet and every year is precious so I'm sick and tired of my life being dictated by property markets. I do have a little sympathy for those who just cant put buying a house of for any longer and get themselves up to the eyeballs.

But I'll keep waiting.

Thursday, June 22, 2006 10:15AM Report Comment
 

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