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The Bank of England should be stopped in its tracks, not left to ride roughshod over the public
The reality that the Bank of England and the Treasury are, in combination, seeking to create the biggest recession in UK living memory is seeping through into the mainstream media.
https://www.taxresearch.org.uk/Blog/...er-the-public/
The UK economy is about to be thrown into a black hole – by its own government
It fits the definition of madness to propose more austerity. But that, along with higher interest rates, is what’s coming
https://www.theguardian.com/commenti...own-government
The US Fed is crushing the hopes of billions of people in developing countries with its callous interest rate policy
The US Fed raised its guidance interest rates yesterday for the fourth time in four months. As on those previous occasions, the increase was by 0.75%.
https://www.taxresearch.org.uk/Blog/...t-rate-policy/
3% is low, the days of borrowing free money are over, it's always the first mechanism to try and reduce inflation, which is more of a problem.Originally Posted by Wales-Bales
3% is low back when houses cost 3x your salary now it's about 8 or 9x your salary. Source - https://www.schroders.com/en-gb/uk/i...ity-in-the-uk/
Interest rate rises to 3% - the biggest hike in decades - https://www.bbc.co.uk/news/live/uk-63431894
Bank of England expects UK to fall into longest ever recession
- The Bank of England has warned the UK will see its longest recession since records began, as it raised interest rates by the most in 33 years.
In its outlook for the UK economy, it said the country would face a "very challenging" two-year slump. -
More: https://www.bbc.co.uk/news/business-63471725
Anybody not expect this to happen after the billions wasted over the last few years ?
Exactly people were laughing on furlough enjoying a few months of work in the sun in April 2020.
Lot's retired early, many are heading back to work again now, it's going to be pretty bleak for a year or two.
I don't think it is going to stop at 3%.
In fairness that's true, it is going to get tough for youngsters from now on. Normally increasing interest rates would cause uncertainty and a house price crash, but due to the shortage, it may just be a small fall or levelling out for a while. To add to the problem there are thousands of migrants in hotels, they need housing too, so the shortage of housing seems unlikely to reduce any time soon?
I think they will get to about 4%?
I've no idea, but we are following the US and they are blaming it on demand side inflation, while others are saying it is a supply side issue driven by a big change in energy policy (Agenda 30/50). If the latter is correct, then we are still living in the good times.
To be fair, if you have any savings, it's about time you got a decent return on them.
Offset by ever increasing prices for goods and services.
With CPI inflation at 10% and RPI inflation at 12% then I would describe a 3% return on savings as an improvement but miles away from decent.
What will the unemployment rate be like two years hence following a recession of the length the BoE is forecasting?
The way food prices keep rising I'll be unsurprised should supermarket customers be unable to collect items themselves off of shelves in the near future. Home delivery only through internet ordering would be right up the WEF's strasse. Giant grub distribution centres instead of shops would also have the likes of Tesco, etc, purring with delight.
I thought you said previously that you got your provisions online from Asda. Are you an early adopter?
I am an Asda home delivery shopper, true enough. I feel bad about it because I'm helping to tighten a financial noose around my own and everyone else's Gregory as once physical money is eradicated we are all fecked.
PS I've checked again the differences of what I purchase regularly throughout this year and it now stands at a 25% increase. It was at 22% when I last checked around six weeks back.
It's peaking, a steady drop over the next twelve months as people tighten their belts, and change their habits buying the food that represents greater value.
Bugs and lab produced protein represents fantastic value. Exotic luxury foods such as milk, cheese, beef & chicken not so much, and they should be reserved for the people who can afford them, such as billionaires, royalty and government officials.
expect another 0.5% in December and the same again in January
Why not .75%?
I read, I can't recall in which BBC articles, the BoE forecasting UK CPI to peak at 14% and the base rate at 4.75%. That institution has a deserved bad rep for being optimistically wrong.
It is possible to have raging inflation in energy and food and deflation in most everything else for which people can forego.
Crude oil, easily the most important commodity on the planet, can hit any price depending on how much demand outstrips supply.
It was always about 5 to 10% when I was growing up….80’s/90’s…..about time the savers got something back maybe and the crazy spenders have to chill out and learn to budget. I guess the housing market needed to relax some too
When do the banks decide to apply it to savings accounts rather than just credit and mortgages? I see 3% starting to creep in with the online banks or 5 yr deals
Oil is not the planet's most important commodity. Get a grip
Not only the Bank Of England , who gives the lenders the rights to double the B of E 3% up to over 6% and charge customers , and incredibly they offer different rates to different people based on the applicants ??
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