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More Organised Chaos At The Bank Of England!

PembsPanther
Grafter
Posts: 246
Thanks: 2
Registered: 07-07-2012

More Organised Chaos At The Bank Of England!

So Mark Carney has now come forward to say that a rise in interest rates is unlikely until at least next Autumn as market conditions are not right at the moment, no **it Sherlock! Here is the thing though when are market conditions ever going to be right? The REAL recession will begin as soon as they do start to raise interest rates, it is no secret that millions of people are http://www.independent.co.uk/news/uk/home-news/figures-from-shelter-reveal-millions-are-one-payday-a... interest rate rises will be the beginning of a snowball that will potentially spell disaster for millions of people. Is the bank doing them any favors by delaying the inevitable though? Surely it would be better for the sake of the economy and future growth to get this out of the way now and put these people out of their misery? They know it is coming, they know it will mean disaster for them how does delaying it in the blind hope of a miracle help matters?
I will not even mention the other hundreds of thousands of people in rented properties that have landlords with multiple mortgages that are already charging as much rent as the market will allow, these landlords deserve a good kicking and I hope to see a good number of them in the bankruptcy courts however there is always a victim ad yet again it is going to be hard working Joe Bloggs!
http://news.sky.com/story/1371816/bank-signals-no-rate-rise-until-next-autumn
Thanks bankers, you have served your country and customers well!
6 REPLIES
Community Veteran
Posts: 5,338
Thanks: 608
Registered: 23-09-2010

Re: More Organised Chaos At The Bank Of England!

You can see it coming.
They have become afraid of change. Instead of making the necessary changes in small manageable increments they will wait and wait.
Until the decision gets impossible to avoid and gets taken out of their hands.
Then we will get panic jumps in the rates which will do no one any good.
Community Veteran
Posts: 13,921
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Registered: 01-08-2007

Re: More Organised Chaos At The Bank Of England!

The moment interest rates go up, so do the poors monthly rents to keep their landlords happy and their mortgages paid.
When that happens and the poor people run out of money, get evicted etc then the landlords start running into trouble because they can't find anyone with enough money to rent to.
Then more landlords realise they're going to run into trouble and decide to sell because they can't get the poor to keep them anymore.
Then there is an excess of property and the numbers will increase. Then property values will slump...
So they will need to find a way to fix that while still screwing the poor. Oh yes... lets let unlimited numbers of EU workers in who will continue paying extortionate rents! Problem solved!
And there ladies and gentlemen is the real reason for the lack of immigration meansures and resistance to cutting it.
With an unlimited EU workforce to keep the property market booming, it's only a matter of time until interest rates start to creep up and once that happens they won't be stopping it for a while. They won't put up the rates though until they're sure they have "charged up" the EU work force enough to keep the country running.
I need a new signature... i'm bored of the old one!
Community Veteran
Posts: 3,826
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Registered: 24-09-2008

Re: More Organised Chaos At The Bank Of England!

I've missed something, can somebody remind me what Mark Carney achieved since he's been G of the BOE.

PembsPanther
Grafter
Posts: 246
Thanks: 2
Registered: 07-07-2012

Re: More Organised Chaos At The Bank Of England!

mmmmm, mmmmmm oh er mmmmmmm, give me a minute............... mmmmmmm nope sorry completely escaped me  Cool
dick:quote
Community Veteran
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Registered: 06-11-2014

Re: More Organised Chaos At The Bank Of England!

Quote from: journeys
I've missed something, can somebody remind me what Mark Carney achieved since he's been G of the BOE.

Given he's a Canuck, maybe he should take a leaf out of Canada's book and get rid of the 1p coin, 2p aswell potentially, as copper coins (which aren't even proper copper, they're steel with a copper coating) are getting a tad worthless, and my coats are getting heavier and heavier carrying that shrapnel about until I deposit it in my shrapnel bank... Roll eyes
Just imagine what it would have been like had the post-decimalisation ha'penny (shouldn't that have been 0.5 pence??) been kept in circulation, all them little coins everywhere that would have had practically no value today... Shocked
Community Veteran
Posts: 6,824
Registered: 27-10-2012

Re: More Organised Chaos At The Bank Of England!

The role of the MPC is to ensure economic stability and growth, not to provide low mortgage repayments.
People buying properties at the moment are doing so at heavily inflated prices at low mortgage rates. If we slip into a period of stagnation or recession, then those sub-prime borrowers are going to struggle if they are on a variable rate or when it comes to re-mortgaging.  
The same two members of the MPC have voted in favour of a rate increase for the last three months and they will continue to do so going forward. However, there will not be a rate increase until CPI crosses 3%.
Quote from: journeys
I've missed something, can somebody remind me what Mark Carney achieved since he's been G of the BOE.

What do you expect him to achieve in 16 months?
Inflation is under control, there is stability in the markets and we are currently in a sustained period of economic growth.