Tuesday, 30 September 2008

Mervyn, I need you to cut rates

So much for an independent Bank of England; Brown calls King, "I need to see you about rates". King comes running...

"Gordon Brown today met Mervyn King, Governor of the Bank of England and Alistair Darling, the Chancellor, to discuss the current financial turmoil as it emerged that UK economic growth ground to a halt during the second quarter.

The early morning meeting went ahead as hopes heightened that the Bank of England's Monetary Policy Committee (MPC) will vote to cut the interest rate by a quarter point to 4.75 per cent when it convenes in nine days' time. "


aSteve said...

We do need to cut the base rate... but mainly because this will have a perverse consequence... it will dissuade Europeans from wanting to invest in our debt... it won't make borrowing any cheaper - either for banks or at a retail level.

It should devalue our currency, however, and that might help with our balance of trade.

Markbaldy said...

Gordon Brown is a complete tw4t - he should be held up for treason in fact for what he has done to the UK.
Under his watch, we have become a deeply divided nation, one where there is a complete imbalance between earnings and "expected" standard of living.
He has promoted a greedy, debt fueled culture - one where failure is rewarded it seems.
People can write off their debts, bankers are rewarded for ripping off the masses and then the masses are expected to bail them out for god's sakes !
The man is a menace... I just hope someone does the bast4rd in before he does the UK in... permanently !