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Bank of England Likely to Drop Half a Point on Interest rates

2nd December 2008 | back to article listings BACK    print this article PRINT

In an attempt to save face it is likely that the MPC will decide a half point drop on Thursday and a further half point drop in January rather than a full point as many economists are suggesting. Given pretty much no-one else predicted the large drop last month this just shows what lemmings most economists are !

The public awareness is growing that the Bank of England have left taking action far too late to avoid a recessionary period and even their own members are rebelling by admitting they didn't use their skill and judgement to interpret the effect of data upon the future but instead relied upon current data to make a decision only when the answer was staring them in the face.

Dropping interest rates will help ease off the recession in terms of duration and depth and will help reduce future government borrowings as Gordon Brown tries to borrow his way out of recession.

A business leader who borrowed instead of cutting costs would be rightly accused of acting recklessly - the same can be said of the most imprudent Prime Minister we have seen for decades. He too (as well as Mervyn King) should go and go quickly for his grasp on economics and his unsteady hand on the tiller of the economy would be farcical if it were not dangerous.

This news story has come from the property investment blog by Stuart Law, CEO Assetz plc.

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