Tuesday, February 24, 2009

Savers are no longer required thank you

Bank of England gives clearest indication of zero interest rates

The Bank of England has given its clearest indication yet that interest rates will have to be slashed further towards zero as the recession intensifies. Andrew Sentance, a member of the Bank's Money Policy Committee, said that "more stimulus" would be needed to avert the risk of Britain sliding into deflation - with prices falling as they did in 1930s America. The warning comes with interest rates at only 1 per cent, and will be taken as a sign that the Bank is preparing to cut them even further in the coming months.

Posted by quiet guy @ 11:31 PM (990 views)
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6 thoughts on “Savers are no longer required thank you

  • They really have shot all there bolts in one go.

    Interest rates cuts
    Tax cuts
    Massive bank bailout
    More interest rat cuts
    Another massive bank bailout
    More interest rate cuts
    Start printing money
    Move bad debts into the publics ownership
    AN even bigger bank bailout
    More interest rate cuts

    Will someone tell this absolute bunch of idiots that they CANNOT win another election. They will not start another house price BOOM when we have a massively OVER-VALUED housing market and the recession will be VERY BIG, but they way these [email protected] are going about it will last TWICE AS LONG and the bleedin’ Japanese one !!!!

    Some-one get me my shotgun, I’m going to blow my own leg off and go on disability !

    Someone put a call into the IMF while they still have some money!

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  • it_is_going_with_a_bang says:

    Borrowing costs are already low enough. It will make no difference to borrowers.
    This is all about scaring people with ‘money’ to invest it.

    It is a virtual tax on savings and nothing less.
    Well I hope that those with the money take it elsewhere and don’t pander to the bully tactics imposed by this government.

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  • The lever stopped working some time ago but just to make sure, let’s slam it back and forth just to make sure. If that doesn’t work, we’ll break the lever off and start bashing the machine like John Cleese does with his mini.

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  • Frankly the only thing that is deflating is house prices. And this just goes to prove that the policy of the Bank of England is totally geared to generating house price inflation. So much for the so called independence of the BoE. Is it any surprise that the currency has collapsed?

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  • Paul, I think it was actually an Ausitn Morris 1100 or 1300…. But, I agree,as the sign in Fawlty Towers once was shown, I think this sorry shower are a load of “Flowery [email protected]

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