OK, let’s get straight to the point and round off all
this nonsense……key headlines from yesterday’s announcement……
Bank of England Governor Mark Carney has done the decent thing
and announced yesterday that the measure for determining interesting rates will
be ‘adjusted’.
Originally the measure was the rate of unemployment but it will
now include “a wide range of factors”. Exactly what it should have done in the
first place.
Carney warned that the UK recovery was not secure and that when
rates rose, they would do so only "gradually".
Interest rates are unlikely to rise before next year’s
election.So there you have it……the lobbying worked and the Bank of
England took the embarrassing decision to perform a monitory policy u-turn. The
big winners should be the housing market, businesses and panicking homeowners.
Our work here is done……well except some egg on the face
of a few to be wiped off.
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