Wednesday, September 3, 2008

No news here carry on now

BoE expected to hold interest rates steady at 5 pct

All 67 analysts polled by Reuters predict the central bank's Monetary Policy Committee will keep interest rates unchanged again

Posted by matt_the_hat @ 10:31 AM (1049 views)
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9 thoughts on “No news here carry on now

  • tHEY ARE STUCK!!

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  • Too frightened to raise them when they should, now the pound is going DOWN, imports prices UP, inflation UP and possible exports UP (how much that matters when we are a net importer of goods I’m really not sure) but the overal picture is DOWN because they needed to be raised at least 3 or 4 years ago to prevent the housing boom becoming a bubble. The idea that you can exclude booming house prices from the CPI and then not see how these booming house prices will influence and increase inflation in the long run in political niavety.

    I personally think that the independence of the MPC, far from removing the blubber’mint from the equation and supposedly stopping them from using the rates as a way to manipulate them for their own political ends, have shown that they are simply ‘not fit for purpose’ because they appear to have been unable to raise them when needed (even if they slowed the economy). There ONLY remit to keep inflation at 2% or under and now we have inflation at 5% at least. We end up with numpties like David Blanchflower (oh how I wish, as in the words of the Londonderry air, this man was hearing the friggin ‘pipes calling’) who appear to have “independently” got us into the sh!te as much as any government !!!

    And who ‘invented’ the MPC – Gordon Brown
    Who said no more “Boom and Bust in the property market” – Gordon Brown
    Who is Prime Minister and has more power than almost anyone to now change things – Gordon Brown
    Who got rid of mortgage tax relief and almost doubled Stamp Duty – Gordon Brown
    Who sold all our gold reserves for next too nothing – Gordon Brown
    Who got rid of the 10p tax band (without realising the implications) so that middle incomers could see the 22p tax band lowered to 20p – Gordon Brown
    And who is just going to stand there and spurt out the same crap “sound fundementals, blah, blah, blah” until he loses the general election in may 2010 – Gordon Brown

    When asked was Ringo Starr “the best drummer in the world”, John Lennon (or Paul McCartney) said “Ringo’s not even the best drummer in The Beatles” – You can make up your own version of this for the clunking fist !

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  • MPC – paralyzed by fear.

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  • I agree Harold. The emperor has no clothes. The MPC have always played on being awfully clever about what is going on in finance.

    Its only when things get really tricky that they start saying stuff like “We don’t really understand it” (as they did during the Northern Rock crisis), and we realise that they are just inflated with bluster, misfounded self confidence and condecension (naiively trying to shape public expectations with throwaway comments) – nothing else.

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  • crash bandicoot says:

    They always hide behind the excuse that interest rate changes take 12-18 months to “work through”. As far as I remember 12-18 months ago they had actually started to raise rates, but it was too little, too late. As for what has happened since, well if you believe their inflation prediction graph then you probably also believe in father christmas too.

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  • The Bank of England’s inflation forward projection to August 2006 predicted that inflation would be 2%.

    I’m not sure how long they can keep playing this rather childish game with the UK public where they predict “everything will be fine in the future so there’s no need to act on current statistics”.

    I think they are in the process of being rumbled for this actually. Make no mistake the housing boom and bust is at least 70% the making of the Bank of England.

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  • Planning4acrash says:

    Can i just say, i’d been slammed for being pessimistic, but the economy is crashing 5x faster than i thought. $1.70 to £1 already? Phew. I didn’t think we’d see that till Christmas or Spring, and gold, wow, the paper market is being ramped 2 suppress it

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  • seanb303 @ 3

    Sorry I’ve been out working all day to come back to the blog seanb303

    Your linkraised a very good point I had not really thought about.

    More Lies, Damn Lies, And NewLabour statistics – Those 18 years in the wilderness for the Labour party were not wasted. The learnt all their statistical manipulation from the Tories.

    Gordy must’ve been up all night working that scam out – Pity he forgot about the 5.3 million taxpayers who were worse off and had no kids

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