Wednesday, March 21, 2007

The 1 actually voted for a cut – You know who

Bank voted 8-1 to freeze UK rates

The Bank of England's rate-setting committee unexpectedly voted 8-1 to keep the cost of borrowing at 5.25% this month.

Posted by holding out @ 10:41 AM (591 views)
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18 thoughts on “The 1 actually voted for a cut – You know who

  • I live in another world to these people, reduce IR’s! Someone should sedate that Blanchflower and cart him off in a van, he’s tapped!

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  • Conspiracy theories are rubbish. But you have to wonder what Blanchflower’s motives are. Is he a plant to surpress IR’s in the BoE ? Are there others in the ECB and BoJ Prehaps Jean-Claude ‘stormin’ Trichet isn’t all he seems or maybe he is the former Spurs manager or he could just be a twat (My preferred option)

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  • This is all a bit irrelevant considering the latest inflation figures I guess.

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  • It seems to me that this view could only be based on prior knowledge that the composition of the CPI would be changed to increase the weight of items with steady or falling prices. All other global indicators are screaming ‘inflation’ like foghorns with bright flashing red lights!

    I think that all the media speculation about higher interest rates merely reflects what the unhappy mandarins would like to happen. However, I can’t see Gordon or his BofE cronies giving any ground.

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  • waitingfor hpc says:

    what a farce – inflation up, rpi at 15 year high, hpi rampant – and we get this???

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  • Just posted this complaint to the BBC

    “Why did the BBC choose to ignore the alarming comments made by former Bank of England chairman Eddie George yesterday?

    (http://news.sky.com/skynews/article/0,,30400-1256664,00.html/)

    – But appear to have pounced on the fact that the BoE committee chose to keep interest rates at 5.25% with a majority vote of 8-1. Essentially Eddie George has explained how the BoE have manipulated interest rates over the last 10 years to encourage people to take on debt thereby boosting spending, creating a huge housing bubble and delaying a recession.
    I do wonder sometimes if the BBC is truly independent or are the BBC directors worried about their Buy To Let portfolios?

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  • He wanted to drop rates? Is that man a nut? Does he even live in the UK?

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  • The 1 actually voted for a cut – You know who

    What a complete and utter scoundrel.

    With inflation ABOVE the target of 2% (even using fiddled stats) Blanchflower needs to explain himself in plain English, and resign.

    Geed, good post to the BBC – will it have an effect? Er… no. But well done, anyhow.

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  • I have monitored this website for a few years now hoping and hoping house prices will come down, but things like this make me think about whether I will ever be able to afford my own property. It seems like all is being done to keep house prices high despite what happens elsewhere! I am rapidly starting to give up :-(.

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  • I think Blanchflower must have been added to the MPC purely for his comedy value!

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  • C'mon Correction says:

    We need Blanchflower off our MPC, for the good of the country. Idiots like this with power are just dangerous. This just confirms my view we will (/have) see in-action for too long over the next 2 years regarding rate rises and then inflation will break loose as sterling falls and they will need to hit 8%+

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  • dohousescrashinthewoods says:

    Cracking, Geed, I hope they take notice. Apparently each complaint is taken to represent about 20,000 people who didn’t write in. Anyone else fancy sending one in?

    I have posted the story to Digg.com to give it a wider audience, but no takers at the moment (search for “Edward George” if you’re interested).

    I think that story is astoundingly significant and wonder if it could lead to prosecutions (insider tlading). I am cross that it has been suppressed on the Beeb. I Figure they a stooges, but this is particularly shocking.

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  • geed,

    good job!

    Having complained to the BBC about their coverage on several occasions (most recently over their reluctance to accurately report upon Isreal’s war crimes in Lebonon) they will probably reply within a few weeks with the ‘difficult to always maintain the right balance but appreciate your view’ type of reply.

    While understanding what the BBC is, and whose agenda it mostly represents, I still feel that complaints of this sort may at least provide support for anybody within the Corporation who may be struggling against the tide so to speak (and I understand that many are)

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  • It’s Blanchflower’s belief that low-skilled immigration into the UK will keep inflation under control so that the BoE should lower the base rate now.

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  • Millard, will it make a difference, probably not but at least you can be proud of voicing your opinion and being proactive.

    Well done Tom, sorry Andre, I mean Alex!

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  • I’ve written to the Beeb too (including Evan Davis and Jeremy Vine). We pay for the BBC and they need to be accountable to us. It won’t change the world but every message helps a little to make them understand we’re not going to be hoodwinked.

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